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RANDOM HOUSE BUYS

REED ADULT TRADE;

SELLS LIVING BOOKS

LONDON, FEB., 1997-- In two separate moves this month, Random House UK agreed in principle to purchase the adult trade division of Reed Books, and in the US, Random House agreed to sell its half interest in Living Books to Broderbund Software.

The pending sale of Reed to Random House UK-- excluding Reed's children's list-- add s a number of outstanding imprints to Random House, including William Heinemann, Secker & Warburg and Sinclair Stevenson, Mandarin Paperbacks, Methuen and Minera. Random House also gains several important authors from Reed, including: George Orwell, Graham Greene, Umberto Eco and Roddy Doyle.

Broderbund Software (Novato, CA) has initially agreed to acquire Random House's (New York) 50% interest in Living Books, the joint venture formed by the two companies in 1994.

Living Books was formed by Broderbund in 1992. Random House became a partner in the venture two years ago, providing Broderbund with cash and access to its library of children's books and authors, to be produced as multimedia edutainment titles.

Among 16 edutainment children's titles released by Living Books are Stellaluna, Green Eggs and Ham and Just Grandma and Me. The division has reportedly sold 2.6 million title units since it was founded.

READERS DIGEST,

FISHER-PRICE

TO LAUNCH KIDS LINE

Reader's Digest Young Families will publish and market a new line of interactive children's books, Little People Playbooks, based on Fisher-Price's well-known Little People characters. Under a licensing agreement with Fisher-Price, Reader's Digest will release 17 titles this fall, priced from $3.99 to $10.99.

The new line of interactive books is targeted to children age 1 1/2 to five, and will be sold through books stores, toy stores and mass market outlets.

ADULT TRADE

SALES RALLY

IN DECEMBER

Adult trade hardcover sales rallied 54.8% for the month of December, 1996, and paperbacks gained 74.8%, according to the Association of American Publishers' sales report. Figures for other segments showed:

Mass market sales up 26.5% over the previous December Juvenile hardcover sales off 9.3% Juvenile paperbacks down 8.5% Book clubs up 9.1% for the month (estimated to be up 12.8% year-to-date) University press paperbacks gained of 18.7% over last December.

UPSIDE PUBLISHING

LAUNCHES WEB SITE

FOR TECHNOLOGY BOOKS

SAN MATEO, CA, FEB. ,1997 -- Upside Publishing Co., publisher of Upside magazine and Upside.com, has launched a World Wide Web site for business technology books.

Located at http:// www.upside.com/books/, the site features reviews of recently published books on technology and business, and a list of "Upside Classics" -- books that never go out of style. The books may be purchased via Upside Books' links to Amazon.com, the earth's biggest bookstore.

CROWN BOOKS

REPORTS INCREASE

IN 52-WEEK SALES

LANDOVER, MD., FEB., 1997 -- Crown Books Corp. (NASDAQ:CRWN) reported a sales increase of 1.5% for the 52 weeks ended Feb. 1, 1997. Sales rose from $283,475,000 in 1996 to $287,761,000 in 1997.

Crown Books operates 168 book stores, including 109 Super Crown stores, in the Washington, DC metropolitan area; California; Houston; Chicago; and Seattle.

"In 1997, we will continue to concentrate on our strategic repositioning and the expansion of new super stores in both existing and new markets," said Steve Stevens, president and chief executive officer.

CHRISTIAN PUBLISHER

NELSON REPORTS

Q3 SALES RESULTS

NASHVILLE, TN., FEB., 1997-- Thomas Nelson Inc. (NYSE: TNM) reported a one percent increase in sales for the quarter ended Dec.31, 1996, over the same period a year ago. Sales for the quarter totaled $63.6 million.

Net income from continuing operations for the third quarter was $3.4 million vs. $2.2 million in the prior year (a 58 percent gain).

Revenues for the first nine months of fiscal 1997 were $183.9 million, up 19 percent year-to-year.

Thomas Nelson Inc. is a leading publisher, producer and distributor of books emphasizing Christian, inspirational and family value themes, and believes it is the largest commercial publisher of the Bible in English language translations, and produces gift and stationery items.

BELO TO ACQUIRE

KENTUCKY

NEWSPAPERS

DALLAS, TX, FEB., 1997 -- A.H. Belo Corporation, (NYSE: BOC) owner of The Dallas Morning News has agreed in principle to acquire the assets of The Gleaner and Journal Publishing company of Henderson, Kentucky. Belo already owns the Owensboro, Kentucky Messenger-Inquirer.

Assets of The Gleaner and Journal Publishing Company include The Gleaner, a daily newspaper in Henderson, Ky.; seven weekly newspapers including the Portland Leader in Portland, Tenn., and six in Kentucky: the Tribune Courier in Benton; the Franklin Favorite in Franklin; the Cadiz Record in Cadiz; the Union County Advocate in Morganfield; the McLean County News in Calhoun; and the Herald Ledger in Eddyville. Other Gleaner and Journal Publishing holdings, such as printing and graphics companies, are included in the sale. The asset purchase is subject to certain conditions and regulatory approvals.

PUBLISHING PEOPLE

ON THE MOVE

A number of major publishing positions changed hands in January and February. Here's a brief recap:

SANDRA STEINER has been appointed President of The Business Publishing Unit of PRENTICE- HALL. She moves to her post from having served as Acquisitions Editor for the Marketing Discipline.

JAMES E. CHANDLER, a top book industry executive, was named President and Chief Executive Officer of INGRAM INTERNATIONAL, INC. Mr. Chandler has been Vice President and Director of Sales for HarperCollins Publishers for the past three years. Prior to HarperCollins, Mr. Chandler held similar positions with Bantam Doubleday Dell and Barnes & Noble/B.Dalton.

TOM EVANS has been named president and publisher of US NEWS & WORLD REPORT, responsible for the day-to-day business operations at US News. In a related move, ERIC GERTLER has been appointed to the position of executive vice president at the magazine. US News is one of several media properties controlled by Mortimer B.Zuckerman and Fred Drasner.

NY Press

Launches New

Romance Imprint

LONDON, February, 1997--The New York Press, an imprint of Wimbledon Publishing Company in, London, has launched a new fortnightly publication, to be called, Journals of Romance.

The Journals plans to publish six novels in serialized form for each of 26 issues, or about 120 titles per year. Authors will be paid royalties of about 10%, weighted on the number of typed characters (letters) in a work. Terms will be detailed in the author's contract.

The new publication seeks high-quality soft and hard romance. Interested authors should submit three chapters and a synopsis of the work to Don Sandoz, Operations Manager, New York Press, P. O. Box 9779, London SW19 7ZG. Selected authors will then be asked to submit their full-length manuscripts in diskette and hard-copy form.

Graham Belchere and Karen Belchere are editors. Kamaljit Sood is the publisher. Wembledon Publishing, a privately owned company, has been in business for three years.

John Wiley, Upside

To Collaborate

On Business Books

SAN MATEO, Calif., and NEW YORK, Late January, 1997-- Publisher John Wiley and Sons, Inc., and Upside Publishing Co., publisher of Upside magazine and Upside.com, plan to collaborate on a series of business technology books.

The series, under the Upside imprint, will include such subjects as technology company profiles, executive success stories, how technology is transforming business and society; and what business people need to know about technology to compete effectively.

"We're thrilled to be working with Upside to put together what promises to be a landmark contribution to business technology, and hope it is the beginning of a successful collaboration," said Jim Childs, Wiley Publisher of Business Books, Professional and Trade Division. "We're confident that the series will be a powerful addition to Wiley's premier business book publishing program."

Upside and Wiley plan to publish four to six books each year, with the first titles due for release later this year, according to David Bunnell, publisher and CEO of Upside Publishing Co. Karen Southwick, previously senior executive editor of Upside magazine, is the new editor of Upside Books.

Founded in 1807, John Wiley and Sons Inc. (http://www.wiley.com) is an independent, global publishing company specializing in professional and consumer books and subscription services, textbooks and educational materials for colleges and universities, as well as scientific and technical books and journals. The company releases about 200 new titles a year.

Wiley's business book publishing program includes strategic partnerships with Gallup, Adweek Magazines, Ernst & Young, America Online, Entrepreneur Magazine, National Business Employment Weekly, Forbes and the National Association of Manufacturers.

Upside, the only national magazine edited for the technology elite, is published monthly by Upside Publishing Co. The company also produces Upside.com (http://www.upside.com), a business resource center for technology-savvy executives who use the Web.

Simon & Schuster

Realigns Educational

Publishing Units

NEW YORK, Late January, 1997 -- Simon & Schuster Education Group has formed the new Simon & Schuster K-12 Publishing Group, embracing Prentice Hall School, Globe Fearon and Silver Burdett Ginn.

Ralph Caulo, President of Simon & Schuster's Education Group, said the realignment would "leverage our combined resources and capitalize on new opportunities across the entire K-12 market."

"With school enrollments rising to record levels and educational reform an increasing part of the national dialogue, educational publishing is a very important growth business for Simon & Schuster," Mr. Caulo said.

Caulo also announced the appointment of David Wan as president of the newly-created Simon & Schuster K-12 Publishing Group.

Prentice Hall School publishes basal textbooks, ancillaries and multiple-materials for grades 6-12. The unit is under the direction of Jane Antoun who will report to Mr. Wan.

Globe Fearon, also under the direction of Ms. Antoun, publishes supplementary and niche instructional materials in all subjects, including remedial, literacy, multicultural, and special education programs.

Silver Burdett Ginn publishes basal textbooks and related materials, including courseware, for grades K-8, under the new presidency of William Oldsey. Mr. Oldsey previously served as president of the Simon & Schuster Higher Education Division's Business and Economics unit

Simon & Schuster, the world's largest educational publisher, is the publishing operation of Viacom Inc.

Krause Acquires

Craft/Antique Book

Lines From Chilton

Krause Publications, publisher of periodicals and books for hobbyists and collectors, has acquired 250 craft and antique book titles from of the Chilton Book Company, a unit of ABC/CapCities, for an undisclosed amount.

Chilton is best known as the publisher of an automotive/technical line, which was not included in the sale.

Wisconsin-based Krause publishes about 70 books per year with a backlist of 250. The employee-owned company has annual revenues of about $70 million and distributes through direct mail and trade channels.

Barnes & Noble,

AOL To Launch

Online Bookstore

NEW YORK, Late January, 1997-- Barnes & Noble and America Online have formed a strategic partnership to create the "world's largest online bookseller," offering large book discounts and immediate delivery to customers.

Barnes & Noble Inc. (NYSE:BKS), the world's largest bookseller, will become the exclusive bookseller in the America Online (AOL) marketplace.

Beginning in mid-February, Barnes & Noble will feature the company's proprietary database of over one million titles and, due to its direct-from-warehousing shipping, will offer immediate delivery on over 400,000 in-stock books. Reportedly, Barnes & Noble's online bookstore will offer AOL customers deeper discounts than any online or retail bookstore in the world. All in-stock books will be discounted, with an every-day 30 percent discount for hardcovers and a 20 percent discount for paperbacks. Special orders for books not in stock will be ordered from any of the more than 20,000 publishers with whom Barnes & Noble does business and will be sold at the publisher's list price.

Barnes & Noble Inc. is the world's largest bookseller, with 433 stores nationwide under the names Barnes & Noble Booksellers, Bookstop and Bookstar. It also operates 611 bookstores in shopping malls under the tradenames B. Dalton Bookseller, Doubleday Book Shops and Scribner's Bookstores. Barnes & Noble Inc. also publishes books under its own imprint for exclusive sale through its retail stores and nationwide mail order catalogs.

Houghton Mifflin

Reports Record Sales

For 1996

BOSTON, MASS, January, 1997-- Houghton Mifflin Company (NYSE:HTN) has reported record net sales and earnings for 1996. The leading publisher of textbooks, and other educational materials, posted net sales of $717.9 million, a 36% increase over the $529 million recorded in 1995.

Net income from operations increased 61% to $30.9 million, or $2.22 per share, from the $19.2 million, or $1.39 per share, reported in 1995. A significant factor in the net sales increase was the 1996 acquisition of DC Heath publications, but new programs also performed extremely well.

The general publishing segment reported 1996 revenues of $81.8 million, a 6% decline from the $87.2 million reported in 1995. The decline was attributed to The Trade & Reference Division's lower frontlist sales. Houghton Mifflin Interactive's product sales reached approximately $4 million.

Economies of scale achieved through the acquisition of DC Heath resulted in lower cost of sales and selling and administrative expenses as percents of sales, offsetting increased goodwill amortization and interest costs. Net sales for the fourth quarter of 1996 were $120.2 million compared to $105.9 million in the fourth quarter of 1995.

Educational publishing segment net sales increased 17% to $99.8 million from $85.1 million reported in the fourth quarter of 1995. The School Division, McDougal Littell, Great Source, and Riverside all reported double-digit revenue increases over the fourth quarter of 1995.

The College Division, which benefited from the Heath acquisition in the fourth quarter of 1995, reported a 9.5% increase. The general publishing segment's fourth-quarter net sales declined approximately 2%.

Books-A-Million

Nine-week Sales

Gain 13.6%

BIRMINGHAM, ALA, January, 1997-- Books-A-Million, Inc. (Nasdaq/NM:BAMM) announced sales for the nine- week and the eleven-month periods ended January 4, 1997.

Sales for the nine weeks ended January 4, 1997, increased 13.6% to $75.1 million from $66.1 million for the same period in fiscal 1996. Comparable store sales for the nine-week period ended January 4, 1997, decreased 1.1% for superstores and 1.5% for total stores.

During the first eleven months of fiscal 1997, sales increased 21.7% to $256.6 million from $210.9 million in the same period for fiscal 1996. Comparable store sales for the first eleven months of fiscal 1997 decreased 1.5% for superstores and 2.1% for total stores.

The chain will announce final results for the year ending February 1, 1997, in mid-March 1997.

Books-A-Million, Inc. is a large Southeastern US book retailer. The company operates 150 bookstores in 17 states.

New York Times

Launches Image Campaign

To Support Expansion

NEW YORK, February, 1997-- The New York Times (AMEX: NYT.A) will launch a $20 million national image advertising campaign in February, as part of an overall expansion strategy.

Distribution of its National Edition will be expanded, and a more targeted newspaper will be delivered for readers in the Washington and New England areas.

The campaign, conceived by Bozell Worldwide, is designed to reinforce the value of The New York Times brand among loyal readers and among a like-minded audience across the nation. The theme of the campaign is "Expect the World," conveying the promise The Times makes to readers -- that The New York Times provides insight and perspective that no other source of news and information can match.

"The New York Times is one of the most powerful brands in the world," said Janet L. Robinson, president and general manager of The Times. "Our readers are affluent, intelligent and sophisticated. They expect a lot from us --they do expect the world.

"The Times has experienced a strong growth in national readership and advertising over the past decade. During that period, our non-New York circulation grew from 29% to 40% of weekday readers and from 35% to 42% of Sunday readers. National readership now accounts for 49% of our circulation revenue. National advertising is even better. In 1996, over half of our advertising revenues came from national categories, " Robinson said.

The New York Times Company is a diversified media company including newspapers, magazines, television and radio stations and electronic information and publishing. The Company, which had 1995 revenues of $2.4 billion, publishes The New York Times, The Boston Globe, and 21 regional newspapers; publishes nine magazines and conducts related activities in the fields of golf, tennis, skiing, and sailing; and operates eight network- affiliated television stations and two New York City radio stations.

Washington Post

Net Income

Rises 18%

WASHINGTON-- Late January, 1997--The Washington Post Company reported net income for 1996 of $220.8 million ($20.05 per share), compared to net income of $190.1 million ($17.15 per share) in 1995.

The company's 1995 net income included $8.4 million (75 cents per share) from the sale of the company's investment in American PCS, LP, and an after-tax charge of $5.6 million (51 cents per share) relating to an investment write-off in Mammoth Micro Productions. Excluding the one-time items, net income rose 18 percent in 1996, and earnings per share increased 19 percent.

Revenue for 1996 rose eight percent, to $1.853 billion, from $1.719 billion in 1995. Operating income increased from $271 million in 1995 to $337.2 million in 1996, a 24 percent increase.

Meredith Corp.

Posts 36%

Sales Increase

DES MOINES, IOWA, January, 1997 -- Meredith Corporation (NYSE: MDP) reported a 36 percent increase in second quarter earnings per share, compared to the same period last year. The increase marks the company's 18th consecutive quarter of improvement for prior-year periods.

"Our second quarter and year-to-date financial performance reflects tremendous strength and momentum," said William T. Kerr, Meredith Corporation president and CEO. "We're very pleased with the strong performance achieved by our businesses."

Fiscal 1997 second quarter earnings from continuing operations were $17.1 million, or 61 cents per share. This compares to prior-year second quarter results, before non-recurring items, of $12.7 million, or 45 cents per share. Prior-year second quarter earnings from continuing operations and net earnings were $16.1 million, or 57 cents per share, which included a post-tax gain of $3.4 million, or 12 cents per share, on the December 1995 sale of the Company's book clubs.

During the quarter the company closed on the sale of its remaining interests in cable television systems. The company also carried out a rate base reduction at Ladies' Home Journal Magazine, and changed the number of issues published by Country American magazine from 10 to six issues. Meredith also closed Home Garden and Weekend Woodworking magazines. Excluding the effects of these changes, Company revenues increased approximately seven percent quarter-over-quarter.