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Bertelsmann To Buy
A News Special In a surprise move March 23, Bertelsmann AG announced it will purchase Random House Inc. from Advance Publications, Inc. by mid year. Bantam Doubleday Dell, Publishing Group, also owned by Bertelsmann, will merge with Random House, and the combined new company will be renamed Random House, Inc., already the most recognized trade book publishing name in the world. Imprints of both existing houses will continue to publish under their current names and will retain editorial independence. Bantam Doubleday Dell imprints include: Bantam Books, Doubleday, Dell-Delacorte, and Broadway Books; Bantam Doubleday Dell Books for Young Readers, and Bantam Doubelday Dell Audio. Affiliates are Bantam Books Canada, Inc., and Doubleday Canada Limited in Canada, and Transworld Publishers in the UK, New Zealand and Australia. Random House units are: Random House Trade Publishing Group, Random House Pnformation Publishing Group, Knopf Publishing Group, Crown Publishing Group, Ballantine Publishing Group, Random House Children's Publishing, Random House Audio, and several others. Also included in the sale are Random House units in the UK, Australia, New Zealand and South Africa. Peter Olson, chairman and CEO of Bertelsmann Book Group North America, will become worldwide chhairman and CEO of the combined company. Alberto Vitale, currently chairman and CEO of Random House, Inc., will remain as chairman of a new supervisory board charged with helping Bertelsmann expand its consumer trade publishing business throughout the world. The acqusition comes only days after Bertelsmann announced it would launch BooksOnline, a new online bookseller reportedly rivaling both BarnesandNoble.com and Amazon.com. See BooksOnline story below.
BDD Confirms
NEW YORK, NY, March 10, 1998-- Bantam Doubleday Dell has confirmed that it will cease publishing its LOVESWEPT imprint in December, 1998. BDD Vice President Stuart Applebaum told Authorlink! that " the demands of today's women's fiction marketplace have made it economically unfeasible for Bantam to continue publishing LOVESWEPT." The 16-year-old imprint earned a reputation for innovation and quality. It pioneered the series within a series format and the theme-month concept, and broke away from the traditional romantic "clinch" cover. "We continue to have an unwavering commitment to publishing the highest quality romantic fiction at Bantam, " said Applebaum. "That commitment will be enriched by the legacy of the many fine writers who made LOVESWEPT the imprint of distinctive excellence for so long." The change coincided with shifts in top management at Bantam Doubleday Dell Publishing Group, Inc. On March 2, 1998, Jack Hoeft, BDD's chief executive since 1991, become chairman and chief executive of its international group, which includes units in the United Kingdom, Australia, and New Zealand. Erik Engstrom will oversee all publishing activities of BDD North America in the newly-created role of president and CEO. Engstrom had served as COO of of BDD since 1995. Arlene Friedman, who resigned as president and publisher of Doubleday, will be replaced by Stephen Rubin, London-based chairman of BDD International. Bantam Loveswept published about four romance titles per month. Bantam Books is a division of Bantam Doubleday Dell Publishing Group, which in turn is owned by the German-based communications conglomerate, Bertelsmann Publishing Group International.
Doubleday
NEW YORK, NY, 3/10/98--Doubleday has recently cancelled contracts with "Meg" author Steve Alten; teenage country-music celebrity LeAnn Rimes, and J.D. Salinger's biographer, Paul Alexander. Steve Alten, author of the popular thriller, "Meg, a Novel of Deep Terror," was to have released his next novel, "Fathom," from Doubleday later this year. LeAnn Rimes was scheduled to follow her "Holiday in the Heart" with two more books. in a reported $ 2 million deal. And Paul Alexander's contract to write a biography of J. D. Salinger was also cancelled. Doubleday, publisher Arlene Friedman, resigned last month and was replaced by arrival of Steve Rubin.
Bertelsmann's
3/98--Bertelsmann AG, the giant media company and parent of US-based Bantam Doubleday Dell, later this year will launch an English-language online bookstore that will rival existing giants, Amazon.com and BarnesandNoble.com. Tentative called BooksOnline, the venture could become the world's largest online bookseller, drawing on its international publishing and distribution resources and 35 million active book and music club members worldwide. US booksellers reportedly are shaken at the move. They worry that Bantam Doubleday Dell will receive preferential treatment on discounts and shipments from BooksOnline, a charge Bertelsmann has denied. Avin Domnitz, executive director of the American Booksellers Association, issued a formal statement saying the new venture is "regressive" and could have far reaching negative consequences. Chip Austin, former senior vice president of sales for the online service Prodigy, has been named president and CEO of BooksOnline, reporting to Markus Wilhelm, president and CEO of Doubleday Direct book clubs and director of Bertelsmann's North American and European English direct-marketing book division. The new BooksOnline will be headquartered in New York City. Bertelsmann AG also recently launched a German-language online bookstore called Boulevard Online (http:/www.boulevard.de) featuring a database of 290,000 books searchable by category, author, title, keyword, ISBN, and publisher.
Prima Publishing
ROCKLIN, CA, 3/11/98-- Prima Publishing, a leading US independent book publisher, has created a new division, Prima Health. Growth in the market segment and popularity of Prima books on the topic prompted the company to launch the new unit. "Our mission is to educate both consumers and medical practitioners by publishing books that are informative, timely, and accurate, " said Ben Dominitz, founder and presidnet of Prima Publishing. "As the alternative health industry moves from its old niche at the fringe to a new position of mainstream acceptance, high-quality information is essential. Often we find that consumers and, frankly, even medical practitioners, are confused by contradictory information. Prima Health is dedicated to untangling this confusion and shedding light on what really works. Steven Bratman, M.D. will serve as medical director of the new division. " Dr. Bratman's strong scientific background and fine reputation, combined with his thorough knowledge of alternative methods of healing, offer Prima Health unusual expertise and breadth, said Dominitz. "His work at Prima will focus specifically on creating books on the integration of traditional and alternative therapies. In addition, he will oversee Prima's educational efforts, which are directed towards health professionals."
New Entertainment
3/98--Dove Entertainment has launched New Millennium Entertainment (NME), a diverse production company which will produce films, TV programs, hardcover books, audio books and music. New Millennium will operate as four separate divisions: Film/TV development, NME Books, author partnerships, and NME Music/Audio Books. NME's new book division will focus on fiction, nonfiction business, and entertainment titles. The music and audio book division will produce popular music and audio books for adults and children. Michael Viner and Deborah Raffin are co-presidents of the new company.
Perigee Books
3/98--Perigee Books, an imprint of Penguin/Putnam has teamed with the weekly entertainment magazine, Variety, to publish a series of books about Hollywood. Putnam will release the hardcover version of the books, with Perigee as publisher. Mass market releases will be published by Berkley Publishing Group. Topics will include a film guide and an inside look at "Emmy" and "Grammy" award winners.
Reader's Digest
List Cut In Half NEW YORK, NY, 3/98--Reader's Digest, has shut down its US. adult trade unit and folded forthcoming releases from that unit into its General Books division. As part of the move it has cut the number of planned releases in half. The new General Books operation includes five editorial groups: travel, nature, atlas; cooking, home, consumer; religion, reference; health, science, strange and amazing; and gardening and do-it-yourself. David Palmer, heads the General Books division and will coordinate development of all retail titles. General Books is looking for successor to Adult Trade executive editor Joseph Gonzalez, who departed. late last month. Penguin Putnam will continue to distribute adult trade for Reader's Digest, and Random House will continue distributing it's Children's titles.
Reed Elsevier,
3/98--Anglo-Dutch publisher, Reed Elsevier, and Wolters Kluwer have cancelled a merger which has been planned since last October. Reed Elsevier owns Cahners Business Information, publishers of BookWire and Publishers Weekly. The decision was partly attributed to European regulatory red tape.
Justice Dept. Reviews
In Routine Procedure BALTIMORE, MD, 3/5/98 -- A merger between Waverly, Inc. (Nasdaq: WAVR) and Wolters Kluwer is undergoing routine review by the Department of Justice, Antitrust Division, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). Wolters Kluwer has received a request for additional information under HSR; Waverly has received a parallel request under the Department's Civil Investigative Demand authority. The company characterized the requests as routine and not unusual for a transaction of this nature. The HSR waiting period for the transaction was to expire on March 4, 1998, but will be extended until 10 days after Wolters Kluwer substantially complies with its request. Both companies intend to comply promptly. The merger will culminate following the tender offer by Wolters Kluwer for all outstanding shares of Waverly common stock, which began February 18, 1998 and is due to expire on March 17, 1998. The tender offer period likely will be extended until the HSR review has been completed.
Amazon.com
Kids' Site Also Debuts SEATTLE, WA, 3/98--Amazon.com has launched a new program featuring titles from independent publishers. Called Amazon.com Advantage, the online bookseller will showcase independent publishers' titles at no charge, including images of book jackets, book descriptions, excerpts and author biographies. Launch of the program coincides with Small Press Month in March. Amazon.com also announced the launch of Amazon.com Kids, a resource for children's and young adult books online. The site features a catalog of more than 100,000 books and includes in-depth articles, reviews, interviews, and targeted search and recommendation services.
MIRA Books
Editors of and Mira Books will chat live with guests April 22 at 8 pm. EST in a 45- minute session sponsored by Authorlink! "Everything You've Ever Wanted to Know about Mainstream Fiction but Were Afraid to Ask," will be hosted in the Authorlink! chat room at TalkCity.com. Guest speakers will be: Dianne Moggy, Senior Editor and Editorial Coordinator, MIRA Books; Randall Toye, Editorial Director, Harlequin Enterprises; Amy Moore, Editor, MIRA Books; Martha Keenan, Assistant Editor, and Heather Locken, Editorial Assistant, MIRA Books. Authorlink! writers and other guests will have a rare opportunity to chat with the editors live, and ask one-on-one questions about the craft of mainstream fiction writing. MIRA Books, a Harlequin imprint, publishes outstanding mainstream women's fiction for readers around the world. MIRA releases include contemporary and historical novels of 100,000-150,000 words, containing elements of romance, suspense, humor, drama and adventure. The imprint will publish three original titles every month in 1998. Among MIRA authors are: Mary Lynn Baxter, Jennifer Blake, Rebecca Brandewyne, Candace Camp, Debbie Macomber, Erica Spindler, Laura Van Wormer and many more. Harlequin Enterprises is based in Ontario, Canada where it publishes the majority of Harlequin Books series/romance lines. Several Harlequin series are also issued from its New York office. AUTHORLINK! CHAT PROTOCOL AND INSTRUCTIONS:
The Authorlink!/Mira chat will be limited to the first 30 guests, and will be under strict chat protocol. Each guest will be recognized in order by the moderator, via the standard GA (Go ahead) instruction. Participants with questions will type a simple ? when the moderator calls for questions. Any guest failing to follow protocol may be "kicked" out of the chat by the moderator. Guests should type three dots ... at the end of a line to indicate a continuing sentence, and / to indicate they are through. No foul or abusive language will be allowed. Guests are encouraged to stay focused on the specific topic and not to stray into personal trivia. To reach the Authorlink! chat:
Authorlink.com
DALLAS, TX March, 1998--Authorlink! (http://www.authorlink.com) the online information service for editors, literary agents and writers, marks its second anniversary this month with a score of successes. Now rated as one of the “most useful sites on the web” by Microsoft’s One Click Away E-zine, Authorlink! carries major publishing industry news and matches manuscripts by both published and aspiring writers with interested editors and agents. Authorlink! was the first site of its kind to offer such a manuscript clearing house for editors and agents, and already has a loyal annual readership of more than 65,000 publishing professionals and writers. Simon & Schuster Online joined the site as a key sponsor last December, as one of the first major book publishers to partner with an online writers’ service. Authorlink! has filled requests by editors and agents for more than 400 manuscripts and has been responsible for signing nearly 100 writers with top literary agencies since its March, 1996 launch. Already, it has helped make sales to Carol Publishing Group, Greenwood Publishing Group, John Wiley & Sons, and has a number of other sales pending. Among its many interesting connections, Authorlink! has linked an Italian literary agency with an American Indian folklorist, and a publisher in China with an American mystery writer. All manuscripts undergo evaluation. Each accepted writer lists a short synopsis, manuscript excerpt, and author resume on Authorlink! Listings are organized by categories. Editors and agents browse free and request work that interests them. On May 2, 1998, Authorlink! will sponsor its first “Electrify Your Writing” seminar, a one-day event cosponsored by Fort Worth Star Telegram Online Services. Featured speakers for the Fort Worth, TX meeting will include Thomas J. Colgan, Senior Editor of Berkley Publishing Group (Tom Clancy’s editor); Laurie Chittenden, editor, Simon & Schuster; Anne Coviello, online and marketing manager for Simon & Schuster Online; William Clark, literary agent with the well-known Vines Agency, Inc., New York, and David H. Smith, owner of DHS Literary, Dallas. On April 22, 1998 Authorlink! will sponsor its first live chat with MIRA Books, an imprint of Canadian publisher, Harlequin Enterprises. Guest speakers for the one-hour event with writers will be Dianne Moggy, senior editor and editorial coordinator, MIRA Books; Randall Toye, Editorial Director, Harlequin Enterprises; Amy Moore, Editor,MIRA Books; Martha Kennan, Assistant Editor, and Heather Locken, editorial assistant. For its first International New Author Awards Competition this year, Authorlink! attracted nearly 200 entrants, and featured nine New York editors and agents as judges of the final round. Winners will be announced April 15. “We anticipate tremendous growth during 1998,” said Doris Booth, editor-in-chief and founder of Authorlink! “And we will unveil a number of new and exciting services for publishers, agents and writers later this year.
One Hundred + Authorlink!
DALLAS, TX/ 3/15/98--Literary agents and editors are eagerly surfing Authorlink! in search of good writers. In the 19 months since tracking began, more than 350 writers are listed; 400+ requests have been made for manuscripts, more than 100 Authorlink! writers have been offered contracts with agents, four works have been sold, and several more sales are pending. About 65-70% of the listed writers have received requests by editors and agents, some receiving mutliple requests. Of those who have received interest, about 30-35% are signed with agents and 2% have directly sold their works to publishers during this brief time. The site, which matches literary agents and editors with writers, has received praise from editors at Avon, Berkley, Random House, Time-Warner, Bantam Doubleday Dell and other major publishers. See "What People Are Saying About Authorlink!"
Furious Fictions
SAN FRANCISCO, CA, 2/98-- Furious Fictions, The Magazine of Short Short Stories, is now on-line. The five-year-old print journal, which published six issues and over 100 short stories before going on hiatus last year, is "alive and kicking," reports Editor/publisher Joseph Lerner. Furious Fictions Magazine (FF) was founded in 1992 to showcase the best new short-short stories. Also known as "flash" and "sudden" fiction, this new literary form continues to grow in popularity with both writers and readers. Furious Fictions can be reached at: http://www.slip.net/~ffiction . Writers' Guidelines can be found at: www.slip.net/~ffiction/aboutff.html . Editor Joseph Lerner's email is: mailto:ffiction@slip.net .
Dreams Unlimited
2/98--Hoping to help romance writers who are tired of closed markets, Silke Juppenlatz of Surrey, Elngland, and Bonnee Pierson (two-time Golden Heart Finalist) of Connecticut, have established an on online publishing site called Dreams Unlimited (www.dreams-unlimited.com) As the webmaster of the site, Juppenlatz is the CEO of Dreams Unlimited and Pierson is acting Editor-In-Chief, pulling on her experience in both writing and editing for other publications. "Romance is such a large part of the market," Pierson said. "We are not looking to compete with the big houses. We just want to give universal availability to the markets they refuse to recognize." Dreams Unlimited will specialize in the sub-genres unwanted by the big print publishers -- romances with elements of science fiction, futuristics, fantasy and paranormal. They're also looking to acquire erotic and both lesbian and gay romances. Juppenlatz and Pierson are accepting submissions from writers published or unpublished, writers and can be reached via email at bonnee@dreams-unlimited.com and silke@dreams-unlimited.com.
Dallas To Host
DALLAS, TX 3/12/98-- Prominent figures in politics, media and sports will address the Newspaper Association of America's (NAA) Annual Convention in Dallas at the Wyndham Anatole Hotel, April 19-22, 1998. More than 1,200 newspaper publishers and executives are expected to attend. "Each year the Annual Convention provides publishers and other top newspaper executives an opportunity to come together to assess our industry's achievements and analyze the challenges we will face in the future," said John F. Sturm, NAA president and CEO. Among keynote speakers will be Texas Governor George W. Bush, Dilbert cartoonist Scott Adams, and Ben Bradlee, vice president at-large of The Washington Post. The Convention closes with the traditional handing over of the gavel to incoming NAA Chairman Richard Gottlieb, president & CEO of Lee Enterprises, Inc. For Convention registration information, contact Jeff Sparks, NAA registrar at 703-902-1792, or by e-mail at sparj@naa.org. Information about NAA and the industry may also be found at the Association's World Wide Web site on the Internet (http://www.naa.org).
Austin Publisher
AUSTIN, TX 3/9/98-- Japanese film crews and news correspondents began arriving in Austin, Tx March 9 to film a documentary based on "A Little Girl's Dream: A JonBenet Ramsey Story," a popular true crime book by author Dwight Wallington. The news documentary will focus on how Windsor House Publishing (part of Windsor-Golf Distribution) solved the murder of little JonBenet Ramsey, something Boulder Police were unable to do for 15 months. The piece will be produced by T.V. Asahi of Tokyo, Japan. According to Tomomi Terada, Producer, the documentary focuses on JonBenet Ramsey's death, and how a team of experts came to startling conclusions. "The Japanese people love mystery and suspense. We want to know who murdered this little girl, and this book tells us that!" said Terada. The book has attracted world-wide attention. According to Peter DesCamps, President of Windsor-Golf Distribution company, "The whole world is watching this story. We've had multiple inquiries from media sources in Tokyo, Canada, Italy, Germany, London, Paris, and South Africa, as well as throughout the US. They're calling us because they want the book that tells who murdered JonBenet. Nobody's been able sift through the evidence and put the pieces of this puzzle together, like us." DesCamps says the book was originally intended to expose the abuses and exploitation occurring within the kiddie beauty pageant industry. This story was assembled from information provided by insider Eleanor Von Duyke, owner of Show Biz U.S.A of Littleton, Colorado. But the focus soon changed to JonBenet after similar abuses were noticed. As the author's investigation led him to focus on the Ramsey case, he gathered a team of experts to carefully sift through the evidence and facts, and they began to fit the pieces of the puzzle together. DesCamps said, "I was shocked when I saw the final chapters. But after careful review and consultation with our team, there is no doubt in my mind this book has hit the nail on the head. The story explains who killed JonBenet." T.V. Asahi is Japan's largest television network, broadcasting to Japan's more than 127 million people. Windsor-Golf's 90 minute news documentary is scheduled to be translated to Japanese and aired throughout Japan before the end of March.
People
SLA PICKS PRESIDENT: Susan DiMattia, editor of Library Hotline and Corporate Library Update was named president of the Special Library Association (SLA) in recent March elections. DiMattia, is also a faculty member of both Pratt Institute and Long Island University. INVESTMENT MAG NAMES EDITOR: Jan Parr has been named editor of StockTrends' Online Investor, the first magazine dedicated to the emerging field of Internet and online investing. Online Investor is the first regular frequency magazine focusing on online equity trading, research and investing. Ms. Parr has a background both in editorial and finance.
GEORGE PROMOTES KENNEDY, ADDS NEW VP: John Kennedy, Editor-In-Chief, of the magazine,
Geroge, has assumed the additional role of President of the magazine, and Stephen McEvoy has been selected vice president/publisher.
George, founded and co-owned by Kennedy,
now ranks as the largest political magazine in the US, with circulation in excess of 424,000. McEvoy joins
George from his post as Vice President/Advertising Director of ELLE since July 1997. He will report directly to John Kennedy.
KNIGHT RIDDER NOMINATES BOARD MEMBERS: Knight Ridder has nominated a consulting firm president, and a top educator and business consultant to serve on the corporation's Board of Directors. Dr. Katleen Feldstein is president of Eocnomic Studies, Inc., a private Massachusetts consulting firm specializing in fiscal and monetary policy. Dr. Thomas P. Gerrity is dean of the Wharton School at the University of Pennsylvania and a leading authority on business change and the strategic use of information technology. Stockholders will vote on the nominations at the company's annual meeting, April 28.
NY TIMES ELECTRONIC UNIT NAMES EDITOR: The New York Times Electronic Media Company has named Richard J. Meislin editor in chief, effective immediately. In his new position, Mr. Meislin will be responsible for the editorial staffs of The Times's consumer online publications, including The New York Times on the Web; The New York Times on America Online; New York Today, a forthcoming online guide to New York, and other projects. Mr. Meislin will report to Martin A. Nisenholtz, president of The New York Times Electronic Media Company. "Our editorial operation has now reached a level of depth and complexity that requires this new responsibility," said Mr. Nisenholtz. "The success of nytimes.com and The Times on AOL, along with the launch of New York Today, our local initiative, mandates a new level of editorial management. Mr. Meislin was formerly senior editor for information and technology at The New York Times, where he was responsible for reorganizing the newsroom's technology support operations, as well as directing the introduction of electronic page layout in the newsroom and new systems to support color photo production for the daily paper. BELO'S KMSB-TV NAMES VP/GM: Diane E. Frisch has been named vice president and general manager of Belo's KMSB-TV (FOX) in Tucson, Arizona, effective Monday, April 13, 1998. KMSB-TV is part of the Belo Corporation's (NYSE: BLC) Television Group. Since 1997, Frisch has served as president and general manager of KTRV-TV, the FOX affiliate in Boise, Idaho, where she began work as a sales assistant in 1981. She served in various capacities at KTRV before becoming vice president and general manager in 1995. Belo is one of the nation's largest media companies with a diversified group of television broadcasting, newspaper publishing, cable news and electronic media assets. The Company's television group currently reaches 14.2 percent of U.S. television households, including three stations in the top 12 television markets.
Authorlink! Names
Finalists in the Authorlink! 1998 International New Author Awards Competition have been named in five fiction and two nonfiction categories. Winners will be announced April 15, 1998. Best of Show winner will be a guest in Dallas/ Fort Worth May 2 for the ELECTRIFY YOUR WRITING seminar, where Berkley Senior Editor Thomas J. Colgan (Tom Clancy's paperback editor), and other noted editors and agents will be guests. Nearly 200 entries were received during the first annual event, from almost every state in the US and several foreign countries. Finalists included writers from York York to California and numerous points between, as well as from Alaska. Entries in some nonfiction categories were grouped into two categories instead of five, due to a limited number of submissions in a few categories. FICTION FINALISTS Mainstream
Suspense/Mystery/Thriller
Romance
Western/Historical
Science Fiction/Fantasy/Horror
NON-FICTION FINALISTS General
Biography
Finals entries are now being judged by a panel of distinguished editors and agents, including: Final selections will be judged by recognized editors and literary agents, including:
Wiley & Sons
3/98--John Wiley & Sons, Inc. has reported $18.6 million in net income ( $1.12 per diluted share) for the third quarter of fiscal 1998, ended January 31, 1998. The report represents a substantial gain compared with $6.7 million ( $0.41 per diluted share) in the prior year's third quarter. Net income for the first nine months of fiscal 1998 was $32.4 million ($1.97 per diluted share) compared with $17.5 million, ( $1.06 per diluted share) in the prior year's first nine months. Excluding an unusual gain discussed in the company's report, net income advanced 32% and 30% for the third quarter and year-to- date, respectively. Revenues for the quarter increased 5% to $124.4 million from $118.1 million in the prior year's third quarter. For the first nine months of fiscal 1998, revenues of $352.3 million were up 9% over the prior year's $324.4 million.
Borders Group
ANN ARBOR, Mich., 3/9/98--Borders Group, Inc. (NYSE: BGP) reported $0.98 diluted earnings per share for its fiscal year ended January 25, 1998. The amount represents a 40% gain over last year's diluted earnings of $0.70. The full-year results reflect fourth quarter earnings of $0.96 per share compared to $0.82 per share in 1996. Management attributed the improvement over last year's performance to solid sales results at both Borders and Waldenbooks, very strong expense and gross margin control throughout the Company offset in part by strategic spending on new growth initiatives. For the fourth quarter, consolidated sales were $858.8 million, an 18.1% increase over the year-ago total of $727.0 million. The increase was driven largely by Borders with sales of $450.1 million, reflecting an increase of 31.5% over the prior year's sales of $342.3 million. The sales improvement is a result of the increase in store units as well as a comparable store sales increase of 8.0%. Waldenbooks sales increased to $382.9 million from $379.8 million as a result of a comparable store increase of 0.5% and expansion of the kiosk program. Consolidated sales for the year were $2,266.0 million, an increase of 15.7% over the prior year's sales of $1,958.8 million. Borders superstores sales grew to $1,264.1 million, an increase of 31.9% over prior year's sales of $958.1 million. Waldenbooks reported sales of $968.2 million, a decline of 1.2% from a year-ago total of $979.7 million. The sales increase at Borders resulted from a comparable store sales increase of 8.0% and an increase in stores during the year from 157 to 203. The sales decline at Waldenbooks reflected a decrease in stores from 961 to 923 and flat comparable store sales for the year. Gross margin improved to $631.7 million in 1997 from $521.0 million in 1996, an increase of 21.2%. As a percent of sales, gross margin increased to 27.9% compared to 26.6% in 1996. The increase in gross margin resulted from improvements in buying and merchandise mix, distribution, and shrink control. SG&A rose to $484.9 million in 1997 from $409.6 million in 1996, an increase of 18.4%. In expressing his views on the year, Robert F. DiRomualdo, Chairman and CEO, said, "1997 was another outstanding year for Borders Group reporting profits in each quarter, a first in the Company's history, and record profits in total for the year. This strong performance demonstrates the continuous improvement taking place in the core businesses enabling the Company to pursue new growth initiatives. In addition to record profits, 1997 marks the year of the Company's entrance into the global market with the acquisition of Books etc., a bookstore chain in the United Kingdom, and the opening of a Borders superstore in Singapore. Dedicated employees combined with our core competencies have the company well positioned for another year of improved performance in 1998." Management indicated plans for 1998 include the launch of its Internet commerce site, Borders.com, in the first quarter of the fiscal year and the continuation of its international expansion program. Management is pleased with the performance of the Borders Singapore store that opened in 1997 and plans to open three more superstores outside the United States in the later part of 1998, two in the United Kingdom and one in Australia. Management reiterated that its earnings guidance for 1998 remains at $1.21 diluted earnings per share which is inclusive of the Company's spending on growth initiatives. Borders Group, Inc. is the world's second largest retailer of books, music, and other informational, educational, and entertainment products. Borders Group includes Borders, Inc., over 200 superstores offering what is widely regarded as the broadest books and media assortment in the industry; Waldenbooks, the United States' leading mall book retailer, which operates over 900 stores serving all 50 states; and, Books etc., a leading retailer of books in the United Kingdom operating 23 stores. Borders Group operates in the United States, the United Kingdom, and Singapore, and trades on the New York Stock Exchange under the symbol of "BGP".
Found in Russia
BOCA RATON, Fla.,3/12/98-- Tekno Books, International LLC, principally owned by Big Entertainment, Inc. (Nasdaq:BIGE) has acquired access to valuable World War II German documents from a Russian charitable organization. The materials were captured by the Soviets from the Germans at the end of the war, and have never before been seen outside of Russia.
According to Tekno Books, the documents are not only historically important, but will bring tens of millions of doolars in copyright and licensing fees for books or movies derived from the colleciton. Tekno expects a number of publishign agreements as well as licensing of documentaries, television specials and feature films based on the material. Teckno spokesmen said they would donate copies of all documents related to the Holocaust, to appropriate Holocaust-related charitable organizations. Selections of these organizations will be made by a Board of Advisors, the members of which will be distinguished leaders of religion, industry and politics. Big Entertainment is a rapidly growing media company which owns and licenses intellectual properties and operates retail outlets.
Trimark Pays
A Film Market Find LOS ANGELES, 3/10/98--"The Man With Rain In His Shoes," a magical romantic comedy set in London and centered around a young man about to lose his true love, has been acquired by Trimark Pictures for all North American rights at the American Film Market in Los Angeles. The film was produced by Madrid, Spain-based Esicma in conjunction with HandMade Films, the feature-film division of Paragon Entertainment Corp., in association with CLT-UFA International, Mandarin Films and Wild Rose Productions. "Rain" marks the directorial debut of Maria Ripoll and was written by Rafa Russo, both from Spain. The film was produced by Juan Gordon and executive producers are Jon Slan and Gareth Jones. "There were a number of wonderful films here at AFM," said Ray Price, senior vice president of theatrical for Trimark, "but we are thrilled to have captured one whose emotional embrace will touch every man and woman who has ever fallen in love. "We couldn't be more excited by the scope and diversity of the slate of films we have before us, which now includes `The Man With Rain In His Shoes,' `Slam' (Grand Jury Prize Winner of the Sundance Film Festival), `Billie's Hollywood Screen Kiss' and 'Perdita Durango'." British actress Lena Headey ("Mrs. Dalloway," "Face") heads up the international cast as Sylvia, a psychologist and former live-in lover to Victor. The film opens with Sylvia having left Victor to marry Dave (Neil Stuke, "Century"). Douglas Henshall ("Angels & Insects") plays the out-of-work actor Victor, who, through a magical twist of fate, is given the chance to go back in time in order to repair his love life and recapture Sylvia's heart. Spanish-film star Penelope Cruz ("Belle Epoque," "Live Flesh") portrays an aspiring novelist Victor encounters on his quixotic journey, while Elizabeth McGovern plays the mysterious and elusive barmaid in whom Victor confides his romantic dilemma. Rounding out the cast is British talent Charlotte Coleman (BAFTA nominee for "Four Weddings and a Funeral") and Mark Strong ("Century"). The picture was first spotted at the AFM by Acquisition Vice President Bobby Rock. The deal, in the low seven figures, was made by Trimark Pictures' acquisition team, which includes Rock; Peter Block, vice president of acquisitions and business affairs; and Ray Price. Representing HandMade were Gareth Jones and Hilary Davis, director of sales and marketing. Trimark Pictures, a division of Trimark Holdings Inc., is a broad-based entertainment company that produces, acquires and distributes motion pictures for theatrical release. Paragon Entertainment, of which HandMade Films is a wholly owned division, is a leading independent entertainment company engaged in the development and production, distribution, and financing of quality television programming and feature films. A publicly traded Canadian company with headquarters in Toronto and offices in Los Angeles and London, Paragon operates internationally and trades on the Toronto Stock Exchange under the symbol "P".
HarperPerennial
HarperPerennial, scheduled to reprint Sebastian Junger's "The Perfect Storm" in trade paperback this July (via hardcover publisher Norton), has decided to release the book in mass market format. HarperPerennial reportedly paid about $1.2 million for reprint rights to the hardcover version of "Storm" which sold close to 600,000 copies. The change in format was attributed to the publisher's desire to deliver the book to a bigger potential audience, and may be part of a marketing strategy to couple the release of "Storm" with the first mass market release of Jon Krakauer's "Into Thin Air," which has sold nearly a million harcovers. While Krakauer's "Air" did well in hardcover, two other titles released in trade paper format, did not sell as well. The hardcover releases of Junger's "Storm" and Krakauer's "Air" have been paired in the marketplace as hot nonfiction adventure bestsellers.
St. Martin's
Well known spiritual author, Deepak Chopra, who publishes his works through Crown, has signed a contract with St.Martin's Press to produce two mass market "spiritual thrillers." The series will be titled, " Deepak Chopra's The Lords of Light, and the first book will be released in the spring of 1999. A movie version is also under development by London Films.
Michigan Writer
David Whale has found an agent and sold his book, HOW SCHOOLS REALLY WORK: AN ACTION GUIDE FOR PARENTS, through Authorlink! Before having his work accepted for a listing on Authorlink! he had written an agent himself, only to be turned down. "It seemed like to me there should be a better way to reach potential editors and agents. Authorlink! turned out to be the answer," David said. He found Authorlink! through a search engine while surfing the web. "I liked the way it was laid out and the content," he said. " I figured it was sworth a try, and the results and support were outstanding all the way." Whale said his agent has been great to work with. "We do all of our communicating via 3-mail. She is based in Idaho and I am in Michigan. We've never met face to face but I feel I know her and we have a very good relationship." David waited a number of months before his agent connected with him through Authrolink! But persistence paid off. About nine months after his listing on Authorlink! Agent Elisabet McHugh had made a sale for David. That's less than half the time it usually takes to sell a manuscript. The hardover book will be released in September, 1998 by Avisson. While David has pub lished some scholarly papers and continues to do research and writing on the same topic as his book, this is his first full-length published work.
Sam Sackett 's
Sam Sackett expected it would take a long time to find an agent, even with the help of Authorlink! His listing first appeared on the site in April, 97, and about six or even months later he signed with agent, Elisabet McHugh, after receiving requests from three different representatives, and subsequently a publishing house. "Placing the book with a publisher took longer than I thought, "said Sackett. "I think any author feels his work is so good that it will sell immediately, and I am no exception. Reality was, as it usually is, disillusioning." That process took about four more months. "Was I skeptical of Authorlink! at first? Sure. Anybody who has lived long in this economy has run across enough scams to make him skeptical of anything that sounds like a good deal. It's a by-product of the free enterprise system that crooks are free to function until they're caught. "I found Authorlink! very professional and timely. I was particularly impressed with their efforts to make sure that the agents they list operate ethically, " Sam said. " I even passed along a couple of names of agents who approached me about whom I was leery, and Authorlink! acted appropriately." How did Sam Sackett begin his writing career? "Miss Grassle, my kindergarten teacher, assigned all of us to write a book in imitation of the little reader which was our text. I became hooked on writing and have been writing ever since." Right now Sam has obligations that prevent him from the kind of sustained writing effort that he would like to make, so he's working along at translations of a couple of Flemish novels because he can do them a page at a time in between other chores. When he can free up his time more fully, he plans to finish a book on how to get a job, TWELVE STEPS TO FINDING THE PERFECT CAREER, which his present agent is also interested in representing. Another agent whom he found through the Authorlink! listings, has three of Sam's novels: ADOLF HITLER IN OZ, AN AMERICAN PRODIGAL, and SWEET BETSY FROM PIKE. Sam's book, CAREER KARATE: WINNING STRATEGIES FOR MANAGERS, will be released by The Graduate Group sometime this spring. "I think Authorlink! is a great opportunity for writers. Before I discovered Authorlink!, I had used the lists of agents in the Literary Market Place, only to be told by them -- at least by those of them that answered at all -- that they were not accepting work from new writers. The agents listed by Authorlink! are all agents actively seeking new talent. For that reason Authorlink! saves writers an enormous amount of time and effort in bringing them together with people who actually are interested in considering their work. So I am really very thankful to Authorlink! and will be happy to sing its praises wherever and whenever I have the occasion."
Eric Winkler Sells
Eric Winkler signed with a literary agent and sold his first manuscript, Partnership Marketing, to Greenwood Publishing, all within only five months. How did he do that? Through Authorlink! "At first, I made the mistake that first-time authors make of trying to pitch my manuscript directly to publishing houses. While searching the internet for publishers, I ran across Authorlink!" Eric explained. "Rather than try and learn the book publishing industry overnight, I thought I'd "borrow some experience" from Authorlink! and I couldn't be more pleased with the results." Authorlink! asked Eric if he were skeptical of the service at first, and why? "I have to admit I was skeptical at first. There are so many mine fields on the Internet that I worry about paying for any service offered on the 'net. I was impressed by the list of authors on the site and by the current publishing industry news. It seemed like a gamble worth taking and I'm very pleased with the connections Authorlink made for me." Eric had searched for several months and had a number of dead-end conversations with publishers. He made the mistake of thinking he didn't need an agent. "Looking back, it was a little like thinking I could do my own dental work with a few lessons," he commented. Eric said he was surprised how fast Authorlink! produced results for him. It took less than a month for him to sign with agent, Elisabet McHugh through Authorlink! He agreed to partner with her in October. By December, 97 he had received his first serious offer from a publisher. Then, in February, 98, only five months after Authorlink! connected him with an agent, he sold his first book. Asked if he had any advice for other first-time authors, Eric advised: "Don't be afraid to admit what you don't know. Do you need Authorlink!? Yes. You can't possibly expect to learn the publishing industry overnight, so let Authorlink! lend you their contacts and their expertise. "I don't know about other writers, but I asked myself over and over whether or not I needed an agent. I did. My agent helped me focus my work and helped crystallize the vision for my project. Unless you are fortunate enough to be a publisher writing about the publishing industry, you need an agent to help you navigate this complicated business." Eric Winkler said he had "nothing but praise" for Authorlink! "This service sets realistic expectations and then exceeds them. I consider myself fortunate to have found Authorlink! and even more fortunate that my agent found me through Authorlink! This is a service I'd recommend to any first time author."
Roland Jansen
Roland Jansen has just sold his first book to John Wiley & Sons as a direct result of having secured agent Elisabet McHugh through Authorlink! Unnatural Profits from Natural Resources: How to Make Big Profits, Globally, From Oil, Gas, Grains and Metals will be released by John Wiley & Sons in August, 1998. Dutch-born Jansen, director of fund management for the oldest bank in Liechtenstein, wrote the book in German in September 1996 and originally titled it, The Coming Squeeze in Natural Resources. A friend who review it told him his German was "hopeless" and suggested he write it in English. He did. In January, 1997 he began surfing the Internet to find information on publishers and came across Authorlink! "I thought Authorlink! was a great idea for an aspiring writer living in a remote area and with no contacts in the publishing world. My book was accepted for listing on the service and after only two months, in March, 1997, Authorlink! Editor Doris Booth informed me that literary agent Elisabet McHugh was interested in reading the full manuscript. After receiving valuable background information from Doris about the agent, I signed with Ms. McHugh on April 3." In the following six months, Ms. McHugh encouraged Jansen to refocus the book and he completed the new version in August, 1997. Only a month later John Wiley & Sons made the offer to publish the book. His advice to new writers: "Listen to the feedback you get from publishers who don't want to buy. Your work must be unique and you must be able to tell a publisher why it is so special. Finally, don't let anyone take away your dream of being published." | |
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