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UPDATE:
NEW YORK,NY/ 5/14/98 --Three groups have placed bids for the purchase of Simon & Schuster from Viacom Inc. The winning bidder is expected to be announced early next week if not sooner. British publisher Pearson PLC (owner of US-based Penguin Putnam Inc.) and Hicks, Muse, Tate & Furst, a leveraged buyout firm, joined in what may be the favored bid. A second offer was posted by Primedia Inc. and its controlling partner Kohlberg Kravis Robersts & Company. The third bid came from a team comprised of Knowledge Universe LLC (owned by Oracle Corp Chairman Lawrence Ellison), and Michael Milken, junk bond dealer once convicted and imprisioned on six counts of securities fraud. Milken's group now includes two leveraged buyout firms: Thomas H. Lee Co. and Apollo Advisors, headed by Leon Black. Milken also reportedly asked for support from Rupert Murdoch's News Corp, owners of HarperCollins, but Murdoch's interest has not been confirmed. Viacom, Inc., announced several months ago that it would sell its educational, business and reference divisions, but claimed it would retain the consumer trade division. It now appears that the entire company will be sold. Sale price is believed to be between $3.5-$5 billion.
UPDATE:
NEW YORK,NY/ 5/11/98 --The sale of Simon & Schuster's educational, and reference divisions was expected to be announced May 13, with British publisher, Pearson plc (owner of US-based Penguin Putnam Inc.) thought to be the leading contender. Simon & Schuster's parent company, Viacom, Inc. has repeatedly said it will not sell its high-profile consumer book unit, but some say the entire company may be acquired, or that the Simon & Schuster name will be included in the sale. Five potential buyers are bidding on the S&S units. They include: Knowledge Universe LLC (owned by deposed junk-bond king Michael Milken, Oracle Corp. Chairman Lawrence Ellison and other investors); Pearson PLC, Harcourt General Inc.'s Harcourt Brace & Co, and two diversified investment groups, Kohlberg Kravis Roberts & Co., and Hicks, Muse, Tate & Furst Inc.. Sale price is believed to be between $3.5-$5 billion.
S&S To Produce
NEW YORK, NY/ 4/29/98--Viacom's Simon & Schuster and Nickeloden divisions have extended their highly successful partnership in publishing Nickelodeon-based books. Under their exclusive agreement, Simon & Schuster already has 8.5 million books derived from Nickelodeon programming in print. The new agreement calls for hundreds of new titles geared towards the growing children's markets. The deal renews Simon & Schuster's exclusive right to publish books based on all properties for which Nick controls publishing rights.
R.R. Donnelley
R.R. Donnelley reported 1997 book printing sales of $768 million. The 8% increase over 1996 was attributed to strong textbook sales. Book printing now represents 16% of total revenues for the company, which is concentrating on its core print and digital publishing operations after a period of diversification. Last year, book printing represented 14% of total revenues.
Children's Segments
According to the Association of American Publishers , children's hardcover sales for February increased 48% while children's paperback sales grew 229%. Adult hardcover sales declined 15.5% in February, but sales for the year to date had a net gain of 3.4%, partly due to a strong January.
Pending Sales Spell
Recent mergers and pending sales show a growing trend toward consolidation among medical publishers. Wolters Kluwer has become the world's largest medical information publisher, after its recent $375 million acquisition of Wavelry, Inc. Kluwer replaces Harcourt Brace which temporarily held the lead position after acquiring Churchill Livingstone. Simon & Schuster's Appleton & Lange, and the Times Mirror's Mosby-Year Book unit --each with more than $300 million in revenues--are up for sale this year, spelling further consolidation in the medical segment. McGraw-Hilll, fifth largest medical publisher with $22 million in sales could move into third place by default, as a result of consolidations, some observers have said.
Nickelodeon
NEW YORK, NY/ 4/29/98--As part of its continuing investment in high quality, creator-driven programming, Nickelodeon opened a major new animation studio in Burbank, CA. The studio is the centerpiece of Nick's multi-million dollar investment in original animation. The state-of-the-art facility, the first TV animation studio to open in LA in 35 years, will be the new headquarters for Nickelodeon's animation division, Nicktoons. The studio has the capacity to produce five production simultaneously and is the new production home for current Nickelodeon hits "Hey Arnold!" and "Angry Beavers". Nickelodeon is a unit of Viacom, Inc. (VIA) (VIAB)
UK Publisher
UK/4/98--Taylor & Francis, well-known UK academic publishers, plans a public offering of about $163 million (£100 million) With 1997 sales of about $49 million (£30 million) the company has a backlist of 10,000 titles. Nearly half of its sales come from the US market.
International
GENOVA, ITALY/ 4/29/98--A new internationally-focused quarterly literary magazine will publish its premiere issue in July, 1998. To be published quarterly, the multiethnic, multilanguage publication will be devoted to new forms of creative literature, including short novels, short stories, poetry, short screenplays and articles by innovative writers. Special sections will be devoted to new spiritual topics. Texts will be published in both their original language and in Italian. Publisher of the new magazine is Il Nuovo Tempo Literary Agency, headquartered in Genova, Italy. For more information, visit: http://www.tigullio.net/nuovotempo/
Simon & Schuster
NEW YORK, NY 4/16/98 -- Simon & Schuster's instructional television network April 16 broadcast the national teleconference, "Making After-School Count," into 4600 US classrooms via satellite. The teleconference featured Vice President Al Gore With more parents working and more children home alone than ever before, "Making After-School Count" was created to help develop safe and enriching after-school activities. The program aired from 3:30 p.m. to 4:30 p.m. EST on EMG's "Professional Development" channel. In hundreds of school districts nationwide that subscribe to EMG's programming, teachers, parents, business and community leaders participated in the broadcast. Vice President Gore, along with US. Secretary of Education Richard Riley discussed community partnerships that support quality before- and after-school programs; private and public funding; and ways to keep school buildings open longer for extended learning and student activities. EMG (Educational Management Group), based in Scottsdale, Ariz., reaches more than two million students every day through live, interactive television. In addition to giving schools access to educational experts, the company, a pioneer in distance learning, delivers curriculum-based software and video programming that meets educational standards, electronic field trips, professional development, and Internet access. EMG is a unit of Simon & Schuster, the publishing operation of Viacom Inc.
Amazon.com
SEATTLE, WA/ 4/24/98 -- Seattle-based Amazon.com Inc., one of the largest online book retailers, will offer $275 million worth of senior debt. Proceeds from the offering will be used by Amazon.com to retire approximately $75 million of existing debt and for general operations. The company raised $54 million in its initial public offering last year. The new senior discount notes will mature in 2008.
Crown Books
Richmond, VA/ 4/98--The pending acquisition of Dart Group to Richmond, VA-based Richfood Holdings, Inc., will place Dart's Crown Books division up for sale. Richfood, a wholesale food distributor, said that when the Dart acquisition is complete, it will sell all of Dart's holdings except for Shoppers Food Warehouse, including its 52% stake in Crown. Richfood is offering $160 per share for Dart's outstanding stock in a tender offer which expires May 12. Crown management may do a leveraged buyout if no buyer is found. The bookseller has 180 stores.
Ottakar Stores
LONDON/ 4/23/98- - Ottakars Plc, UK -based bookseller said it will likely remain independent, since no buyers were found during its public offering, which began April 16. Ottakars had entertained a buyout from Barnes & Noble Inc., but terminated the talks when it decided to offer the company on the open market.
Nobel Prizes
STOCKHOLM/ 4/24/98-- The value of the prestigious Nobel prizes for literature, sciences and peace efforts will increase to $990,000 each this year, the Nobel Foundation has announced. The figure represents a 1.3 % increase over last year, just slight above Sweden's 1% inflation rate in March. The five prizes are valued at a total of 38 million crowns. The Swedish Academy awards four of the prizes, and Norway's Nobel Committee awards the peace prize. The prizes were established by industrialist Alfred Nobel (1833-1896), who funded them from the fortunes he amassed as the inventor of dynamite, among other innovative products. The Nobel Foudnation's assets now total 2.87 billion crowns.
Top Celebrities
LOS ANGELES, CA/ 4/22/98-- Elmore Leonard, Ray Bradbury, Isabel Allende, Dennis Prager, Sidney Sheldon, and Terry McMillan are just a few of the top authors who were on hand at the Los Angeles Times Festival of Books, presented April 25-26 in association with UCLA at UCLA's Dickson Plaza. Renowned actor Charlton Heston, read from the works of Ernest Hemingway, and Edward James Olmos will read on several stages. Other celebrities appearing at the Festival included Oliver Stone, Dom DeLuise, Rob Reiner, and Patrick Macnee, who read from books and participated on author panels. More than 300 popular authors participated in Festival events, including Dr. Laura Schlessinger, Arthur Golden, Terry McMillan, Clive Barker, Angela Davis, Stanley Crouch, Jane Smiley, Robin Cook, and Barbara Taylor Bradford. The Festival featured 80 author panel discussions, and more than 300 exhibitor booths featured booksellers, publishers, libraries and literacy organizations. The 1998 Festival was presented in association with UCLA. Target and Barnes & Noble were presenting sponsors, and major sponsors include Ticketmaster and United Airlines. The Times launched the Festival of Books in 1996 as part of its efforts to promote literacy, celebrate the written word and bring together the people who create books with the people who love to read them.
Imark To Develop
HERNDON, VA/ 4/22/98-- Imark Technologies, Inc. has signed an agreement with Armonk, NY-based Futura Publishing Company, Inc. to provide Internet-based access to Pacing and Clinical Electrophysiology and Journal of Cardiovascular Electrophysiology on both subscription and pay-per- view bases. Imark will host journal issues dating from 1994 through 1996, index them in a searchable format, provide secure registration, user authorization, payment processing, usage metering and instant order fulfillment for authorized clients paying via secure credit card. Using the award-winning NET-MAX(TM) system, for the first time, Futura Publishing will provide instant Web access to this comprehensive journal collection, which is currently commercially available in print and on CD-ROM. Futura Publishing Company, Inc. is a Multi-media Medical Educational Organization dedicated to disseminating specialized clinical "state-of-the-art" information throughout the medical community via publications, electronic media, and medical conferences. Futura Publishing Company's books and journals are authored and edited by prominent world-renowned physicians. Rapid publication allows readers to keep pace with the enormous amount of constantly evolving information in today's healthcare environment. For more information, contact Futura Publishing at 914-273-1014. Imark Technologies, Inc. offers information commerce services to content providers who want to quickly and easily sell their content on the Internet or CD-ROM. Imark's information commerce services include NET-MAX for Internetweb-based content, NET-MAX+ for server push of Internet web-based content, and CD-MAX for CD-ROM based content. Imark is traded on the Nasdaq Stock Market, under the symbol MAXX. For more information, contact Imark at 888-831-9537 or visit http://www.imarktech.com.
Kids' '97 Hardcover
NEW YORK, NY/ 4/1/98-- Children's hardcover books saw a bright year in 1997 as 39 frontlist titles sold more than 200,000 copies, according to Publishers Weekly. The figures represented a steady increase over 24 titles that sold at that level in 1996 and 15 titles in 1995. One hundred and fifty frontlist titles sold more than 75,000 copies in 1997, nearly double the 80 titles at that sales level in 1996. Seven of the ten bestsellers had Disney movie tie-ins.Among hardcover backlist titles, 17 sold more than 300,000 copies in 1997, up by four titles over the 1996 total of 13. Forty-two titles sold in excess of 200,000 copies in 1997. Children's frontlist paperbacks with sales volumes of more than 125,000 remained the same for 1997 as for the previous year. Seven titles sold in excess of 500,000 copies for 1997, compared to 21 titles in 1996. Papaerback backlist sales dipped even further. In 1997, only 77 titles sold more than 125,000 copies, compared to 122 titles the previous year. Only one title ("Love You Forever") sold more than 500,000 copies. Figures do not include returns.
Strictly Books
Strictly Books, a new syndicated radio talk show airing in about 20 markets on Talk America Radio Networks, now helps promote books via radio interviews, and an additional marketing program.The program reaches affiliates of Talk America Radio Networks in hard-to-reach fringe markets near metropolitan areas. The show is targeted to high-end consumers who are book buyers, according to show host/owner, Dan Vojir. "There are currently no exclusively syndicated book programs on the air with as much coverage as Strictly Books for Talk America Radio Networks," he said. For more information, visit the website: http://www.bookpromo.com
People
VIACOM 4/28/98-- William C. Bradley has been promoted to Vice President, Financial Planning and Business Analysis of Viacom, Inc. He will be responsible for coordinating and analyzing company-wide business palns, budgets and operating and financial performance. He joined Viacom in 1992 as Director, Treasury, and was named Vice President, Assistant Treasurer, in 1993. Penguin, New York 4/98-- Robert Riger has been named a director of Penguin worldwide online sales. He is co-founder of Market Partners International. Philippa Milnes-Smith has been appointed managing director, Penguin Children's Books, where he has served as publisher of since 1995. Jane Nissen, associate publisher for Penguin Children's Books, will retire in June. end of June. She has been with Penguin since 1973. Doubleday, New York 4/98-- Gerald Howard has been named editor-in-chief of paperbacks for Anchor and Main Street Books at Doubleday. He was formerly with Norton for 10 years. Dorling Kindersley 4/98-- Ingrid Selberg has left Dorling Kindersley and now serves as a consultant for Levinson Books. Warner Bros., Hollywood 4/98-- Bill Gerber, co-president of production at Warner Bros. abruptly departed earlier this month. Lorenzo Di Bonaventura carries on as president, while the studio restructures its production unit after a poor showing at the box office this year. ABC, Hollywood 4/98-- Brucer Ferber, executive producer of ABC's "Home Improvement" will be paid $6 million to continue producing the series next season, though it is expected to be the show's last.
Viacom Posts
NEW YORK, NY/ 4/29/98--Viacom Inc. (Amex: VIA and VIAB), which owns Simon & Schuster, reported higher first quarter 1998 revenues of $3.1 billion. Significant gains at Paramount's features and television operations, MTV Networks and Blockbuster Video, led to increased earnings of $406 million and higher operating income of $176 million. In the first quarter of last year, Viacom posted revenues of $2.9 billion, EBITDA of $392 million and operating income of $174 billion. As previously announced, the company intends to sell its Educational, Professional and Reference publishing operations and retain its Consumer publishing operation. Excluding results for all publishing units, Viacom's total revenues, EBITDA and operating income increased 8%, 10% and 14% respectively to $2.7 billion, $453 million and $265 million. The publishing segment, (including Consumer, Educational and International/Reference) which traditionally records a first quarter loss and most of its revenues and earnings in the second half of the year, posted a 5% decrease in revenues to $377 million due to fewer major releases of the Consumer Group, decreased International sales due mainly to the Asian economic downturn and lower sales at Macmillan Computer Publishing, in part due to delays in the release of Microsoft's Windows 98 software product.
Disney Co.
LOS ANGELES. CA/ 4/23/98-- Walt Disney Co. stock soared to a new high of 127 1/2 in early trading Thursday, as the company announced a stock split and reported stronger-than-anticipated second-quarter earnings. Disney reported second-quarter earnings per diluted share of 55 cents. Earnings included a 3 cents per share gain from asset sales. Net income increased to $384 million, compared with pro forma income of $316 million the previous year. Common stock will be split on a 3- for-1 basis. Focusing on their core business of animated films, the company plans to capture a greater market share overseas with Disney-branded products. Movies now in production include an animated version of ``Tarzan'' set for summer 1999. An updated version of the classic ``Fantasia'' is also in the works for the year 2000. Disney, based in Burbank, CA, is the second largest entertainment company in the world behind Time Warner Inc.
Washington
WASHINGTON/ 4/24/98---The Washington Post Company reported net income of $207.4 million ($20.47 per share - diluted basis) for the first quarter of 1998, an increase of $160.2 million from net income of $47.2 million ($4.35 per share - diluted basis) in the first quarter last year. The company's 1998 net income included $162.8 million ($16.07 per share - diluted basis) from the disposition of its 28 percent interest in Cowles Media Company. As previously announced, the disposition resulted from the merger of Cowles and McClatchy Newspapers Inc., which was completed in March of 1998. Excluding the effect of the disposition, net income decreased $2.6 million, or 5 percent, in the first quarter of 1998; diluted earnings per share increased 1 percent to $4.40, from $4.35 in the first quarter of 1997, with fewer average shares outstanding. Revenue for the first quarter of 1998 was $484.0 million, up 7 percent from $454.1 million in 1997. Operating income for the quarter declined 3 percent to $75.3 million, from $78.0 million in 1997. Excluding the effect of acquisitions completed in 1997 and 1998 and the sale of PASS Sports in September 1997, revenue increased 4 percent and operating income declined 1 percent. The 1 percent decline in operating income was attributable to increases in newsprint expense, new media spending, depreciation and expenses arising from the expansion of the printing facilities of The Washington Post, partially offset by an increase in the company's pension credit. Newspaper division revenue in the first quarter of 1998 increased 5 percent over the comparable period last year. Advertising volume at The Post totaled 763,400 inches, substantially unchanged from 763,200 inches in the first quarter of 1997. Preprint advertising volume at The Post increased 13 percent to 363.4 million pieces, compared to 322.9 million pieces in 1997. Daily circulation at The Post for the first quarter of 1998 was flat compared to the first quarter of 1997; Sunday circulation declined 1 percent. Newsprint expense at The Post increased 10 percent in the first quarter of 1998 compared to the first quarter of last year. Broadcast division revenue increased 8 percent in the first quarter of 1998, reflecting increased local and national advertising revenues. Magazine division revenue increased 10 percent compared to the first quarter of 1997 due primarily to the trade periodicals acquired in the fourth quarter of 1997. Revenue at the cable division increased 11 percent in the first quarter over the same period last year. Higher subscriber levels, resulting mainly from system acquisitions and exchanges, as well as slightly higher rates accounted for the increase. At the end of the first quarter there were approximately 646,700 basic subscribers. Revenue from other businesses - principally Kaplan Educational Centers, Legi-Slate, Digital Ink, MLJ (Moffet, Larson & Johnson) and PASS Sports (for 1997 only) - for the first quarter of 1998 was substantially the same as the first quarter of last year. Excluding PASS Sports, which was sold in the third quarter of 1997, revenue from other businesses increased 17 percent. Growth at Kaplan Educational Centers produced most of the increase. The company's equity in earnings of affiliates was $1.0 million in the first quarter. This compares with earnings of $0.1 million in the first quarter of 1997. The increase was due primarily to improved results at the company's affiliated newsprint mill. The calculation of diluted earnings per share for the first quarter of 1998 was based on 10,131,500 weighted average shares outstanding, compared to 10,866,000 in 1997. In the first quarter of 1998, the company purchased 11,700 shares of its Class B common stock at a cost of $5.6 million. For the first quarter of 1998, the company incurred net interest expense of $2.0 million, compared to $0.9 million of net interest income in the first quarter of 1997. In March 1998, upon receipt of the cash proceeds from the disposition of Cowles Media Company, the company repaid its short-term borrowings then outstanding, which approximated $290 million. At March 29, 1998, the company had no borrowings outstanding.
Time Warner
4/15/98-- Time Warner Inc. (Time Warner) and Time Warner Entertainment Company, L.P. (TWE), posted record combined operating income before amortization of intangible assets (EBITA) of $852 million, on revenues of $6.049 billion for the first quarter of 1998. In 1997 EBITA was $831 million on revenues of $5.636 billion. EBITA increased 7% in the quarter when normalized for the effects of the sale or exchange of certain cable units in 1998 and 1997. Time Inc., Turner Cable Networks, Warner Bros., HBO and Time Warner Cable all posted record highs in the first quarter.
Pocket To Release
NEW YORK, NY/ 4/98--"The Good Life", autobiography of singing star Tony Bennett will be released in November, 1998 by Pocket Books, it was announced by Gina Centrello, President and Publisher of Pocket. The book will be released in hard cover at $25 retail. Written with Will Friedwald, an authority on popular music, the book was acquired by senior editor Jane Cavolina from Danny Bennett, Tony's son and manager. Tony Bennett, whom Frank Sinatra called "the best singer in the business," has enjoyed a career that has spanned five decades, over 90 albums, and countless awards including 8 Grammys. Among hits throughout his career have been "Stranger in Paradise," "The Good Life," and "Cold, Cold Heart."He won the Album of the Year Grammy in 1995. Bennett's career will be at the core of his memoirs, which will include reminiscences that are as warm and witty as any of his performances. Bennett will recall the early years with such music greats as Frank Sinatra, Duke Ellington, Judy Garland, Lena Horne and many more. When the book is released, Bennett will be on a national author tour, coinciding with his performance schedule. Pocket Books is a division of Simon & Schuster, the publishing operation of Viacom Inc. Visit them on the World Wide Web at http://www.SimonSays.com.
Pocket Books
Simon & Schuster's Pocket Books entered into a partnership with best-selling writer Clive Cussler to publish a series of novels called The NUMA Files. The novels will incorporate many elements of Cussler's best-selling Dirk Pitt adventures, including the fictional world and characters of NUMA. Pocket Books will share the risks and rewards of the novels with Cussler.
Paramount Signs
Paramount Pictures has entered into development deals with a number of top-level producers. The studio has signed a production deal with Mandalay Pictures, co-owned by LG Pictures, and Peter Guber, Paul Schaeffer and Adam Platnick. The agreement calls for Mandaly Pictures to develop and produce about 20 films to be distributed by Paramount. Mutual Film Company, headed by Gary Levinsohn and MarkGordon, has extended its first-look agreement with Paramount Pictures through 2001. In another Paramount deal for television, award-winning producer Lee Rich signed an agreement with the Paramount Television Group to develop television series, telefilms and mini-series for Paramount's Network Television Division. Rich produced "Dallas" and many other hits. Paramount Network Television also signed Academy Award-nominated writer Daniel Petrie Jr. to an overall deal to develop drama series, telefilms and miniseries.
Dimensions Films
HOLLYWOOD, CA/ 4/23/98-- Miramax's Dimension Films will become the theatrical distributor for a new run of the HBO cult series, "Tales From the Crypt." Dimensions made the deal with series owners, Joel Silver, Richard Donner, Robert Zemeckis, Walter Hill and David Giler.
Kennedy's Next
Hyperion reportedly has paid Douglas Kennedy a $1 million advance for his next mystery/thriller, "The Job," set for release in July, 1998. Kennedy's "The Big Picture," a 1997 release, sold less than expected, but Hyperion Publisher Bob Miller is committed to a long build of the author's reputation.
Avon Expects
Avon, which bought rock n' roll band Aerosmith's book, "Walk This Way," from Little Brown, expects to earn out a $1 million author advance. Already about 100,000 copies have been sold through from a run of about 140,000.
Lorrie Morgan's
Ballantine's "Forever Yours, Faithfully--My Love Story," the life story of top-selling country singer, Laurie Morgan, is already earning out the $750,000 author advance on a print run of about 165,000. The book is selling well at Wal Mart and through other mass market channels. The work tells of Lorrie's marriage to country singer Keith Whitley, and of her life as the daughter of Grand Ole Opry legend George Morgan.
Irish Novel
The Irish in America by Terry Golway and Michael Coffey, a tie-in to the PBS TV documentary special by the same name, sold out its first 60,000 copies and went to a second press run before the series aired. Now in its fourth printing, the book has sold some 70,000 copies. Coffey is managing editor of Publishers Weekly, and Golway, a columnist for the New York Observer. It is a heartbreaking, yet inspiring story of how the Irish poor depended on potatoes for their daily existence, and of how the potato famine of the mid 1800's saw an estimated two million died and two million emigrate, many to America. | |
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