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AUTHORLINK NEWS ARCHIVESEarly November, 1997
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Segram Buys
NEW YORK, NY/ 10/21/97-- Viacom Inc. (AMEX: VIA; VIAB), which owns Simon & Schuster, has completed the sale of its 50% ownership in USA Networks, to The Segram Company, Ltd. (NYSE: VO) for $1.7 billion in cash. The transaction, which includes the Sci-Fi Channel, is expected to close in the fourth quarter subject to customary conditions.
Net proceeds from the sale, announced last month, will be used to reduce Viacom debt. USA Network, an entertainment channel, has 72 million subscribers, penetrating 98% of US cable and direct-to-home households. The Sci-Fi Channel has 46 million subscribers and 63% penetration that market. USA Networks also owns and operates channels in Europe, South America, and Africa. Viacom Inc., one of the world's largest entertainment and publishing companies, is a leading force in international media. Viacom holdings include: Blockbuster, MTV Networks, Paramount Pictures, Paramount Television, Showtime Networks, Simon & Schuster, television stations, and movie screens in 12 countries. Viacom also has a majority interest in Spelling Entertainment Group, as well as a half-interest in Comedy Central and UPN. National Amusements, Inc., a closely held corporation operating about 1,100 screens in the US, the UK and South America, is the parent company of Viacom.
Reed Elsevier,
NEWTON, MA/ 10/97--A planned $7.8 billion merger between Reed Elsevier Plc and Wolters Kluwer NV will form the world's largest business and scientific publishing company. The British-Dutch company, Reed Elsevier (parent company of Newton, MA-based Reed Elsevier Business Information), and Amsterdam-based Wolters Kluwer will have combined annual revenues of $6.7 billion. The new organization will employ more than 42,000 people and will own legal, tax, scientific, business, educational, and medical publications throughout North America, Europe, and Asia. In early 1998--at about the same time the merger is completed-- Reed Elsevier will sell its IPC Magazine division. IPC is the UK's leading consumer magazine publisher, which had sales of about $514 million in 1996. About six dozen consumer magazine titles are included in the sale. However, New Scientist will be retained by the newly-formed Reed Elsevier Wolters Kluwer, NV. Proceeds from the IPC sale are to be used to fund acquisitions in its core areas. Companies reportedly interested in acquiring IPC include Hearst, Mirror Group Newspapers, Bertelsmann, and VNU. The Reed Elsevier Business Information unit, created by the merger of Cahners Publishing and Chilton publishing includes Publishers Weekly among its 131 titles.
Baltimore Sun
BALTIMORE, MD/10/97--Serialized novels by unpublished authors are now being published on SunSpot, The Baltimore Sun's website. "The Narcoleptic Dialectic," by Mark Arenz is the first novel to be published on SunSpot in 15 weekly installments, which will then be archived on the SunSpot site. Other works will be selected from submissions by writers.
Harlequin's New
TORONTO,CA/10.97--The Steeple Hill division of Harlequin Enterprises Ltd has launched a new line of Christian fiction with three romance titles which include God as a theme. The division, which initially plans to publish three titles per month, eventually will include both religious fiction and nonfiction titles.
New Audio
10/97--Audio Book Club Inc., a direct marketer of audio books on the Internet and through mail order, has begun trading on the American Stock Exchange under the symbol "KLB."
The IPO anticipated selling two million shares at $8 to $10 per share, but actually sold 2.3 million shares at $10 per share.
Digital Book
10/97--An innovative system of tracking books in electronic space via "digital object identifiers" (DOI's) was a highlight of the mid-October Frankfurt Book Fair in Germany. Hundreds of publishers saw a live demonstration of the new numbering system, developed several years ago by the Association of American Publishers and the Corporation for National Research Initiatives. The marking (or so-called "branding") system can be used to track books in digital commerce, and will help protect publishers against copyright infringement. Participating publishers are assigned individual prefixes combined with additional numbers to identify documents in electronic space. The system will be operated by a new international foundation with offices in Geneva and Washington. Publishers will pay a $1,000 startup fee to participate. The 49th Frankfurt Book Fair drew in excess of 300,000 visitors. Exhibitors representing 100 countries displayed more than 330,000 books.
Twenty Finalists
NEW YORK, NY/10/97--Studs Terkel will receive the National Book Foundation 's Medal for Distinguished Contribution to American Letters November 18th in New York City. A two-time NBA nominee, Terkel will join winners in four categories from among 20 nominees: FICTION
NONFICTION
YOUNG PEOPLE'S LITERATURE
POETRY
Big Book
STEPHEN KING: Viking, Stephen King's hardcover publisher of 20 years, will have competition for King's next big novel, tentatively titled "Bag of Bones." The manuscript is being shopped by Agent/Attorney Arthur Greene to other houses, including RandomHouse, Bantam Doubleday Dell, Warner, and several small publishers, namely Grove/Atlantic (publishers of Charles Frazier's best-selling "Cold Mountain."). Viking is now part of Penguin Putnam, Inc., which recently signed a $100 million deal with Tom Clancy for several properties. Viking has reportedly offered King something less than the $15-$16 million advance it paid for "The Green Mile" serial. Marketing issues have been cited as the reason for shopping elsewhere. ELTON JOHN: The memoirs of Elton John, written with Interview magazine editor Ingrid Sischy, are being offered for about $17-18 million to major publishers in the US and abroad. Agents are David Chalfant of IMG, and Patrick Walsh of the Chirstopher Little Agency in the UK. FIDEL CASTRO: "Fidel," a proposed manuscript to be written by Cuban leader Fidel Castro and Louis Nevaer, a Mexican reporter for the Pacific News Service, is being offered by the Sandra Dijkstra Agency in a second round of negotiation among US and foreign publishers. In an earlier auction, Dijkstra passed up a $1 million offer from RandomHouse for world rights. JULIE PARSONS: Simon & Schuster has reportedly paid about $150,00 to acquire the thriller, "Mary, Mary," by first-time novelist Julie Parsons. Parsons is an Irish TV talk show producer. ROLLING STONES: US rights for "Life on the Road: The Official History of the Rolling Stones " have been purchased for six figures by Penguin Studio (formerly Viking Studio). American edition editor Christopher Sweet said the story will be told in band members' own words. Using an interview format, the book will be written by the Stones together with Jools Holland, a friend of band members, and Dora Loewenstein, daughter of Stones business manager, Prince Rupert Loewenstein. JOANNE HARRIS: Viking has reportedly paid $165,000 for two works by British author, Joanne Harris. One work, is a literary story titled, "Chocolat." The other has been published in the UK by Transworld.
Diana's Story
NEW YORK, NY/ 10/28/97--Perhaps for the first time ever, both the hardcover and softcover releases of a book have simultaneously held the #1 spot on the bestseller list. "Diana: Her True Story" by Andrew Morton, will appear on the November 2nd New York Times Book Review Best Sellers list in the number-one slot on both the hardcover and paperback non-fiction lists. More than three million combined copies of the bestseller are now in print. Morton's book also dominated both lists in the October 20th issue of Publishers Weekly, which stated, "It may be the first time that the same book tops both the hardcover and paperback lists." The Simon & Schuster hardcover Commemorative Edition contains a new foreword by Morton, plus new material including transcripts from audiotaped interviews with Diana. After 20 days in stores, the edition already has 850,000 copies in print. The Pocket Books republication of the original 1992 book arrived in stores on September 12 and currently has 2.5 million copies in print. Simon & Schuster has two additional books related to the life of the Princess of Wales on the upcoming New York Times Best Sellers list. "Diana: Her New Life" by Andrew Morton (Pocket Books) is the #2 nonfiction paperback book and "Prince William: The Boy Who Will Be King" by Randi Reisfeld (Archway/Pocket) is #16. Simon & Schuster's audio version of "Diana: Her True Story" also is selling well. Including the Diana books, Simon & Schuster's Consumer Group has 11 titles on the November 2 New York Times list. Simon & Schuster, the world's largest English-language book publisher, is the publishing division of Viacom Inc. (AMEX: VIA; VIA.B). Its imprints and operating units include Simon & Schuster, Pocket Books, Scribner, The Free Press, Touchstone, Simon & Schuster Audio, Simon & Schuster Children's Publishing, Prentice Hall, Silver Burdett Ginn, Allyn & Bacon, Modern Curriculum, Computer Curriculum Corporation, Educational Management Group, Jossey-Bass and Macmillan Publishing USA.
Penguin Putnam
NEW YORK, NY/10.97--Penguin Putnam, Inc. has launched a new website specifically to promote "Wizard and Glass," the fourth book in Stephen King's Dark Tower series. The new book is a Plume trade paperback. The "Wizard and Glass" site, designed by Headland Digital Media, is located at www.darktowerIV.com and includes detailed information on the book and its author. Visitors will be invited to test their knowledge of the "Dark Tower", chat with other enthusiasts online, and register to win a trip for two to the Stanley Hotel in Estes Park, Colorado, (a.k.a. the "Overlook" Hotel in the movie version of Stephen King's "The Shining").
S&S Earns
New York, NY/ 10/27/97--Simon & Schuster's College NewsLink Web Site has been named the "Best Vehicle For Conducting Commerce" by the Technology Managers Forum. College NewsLink is a unique educational service bringing the world's leading newspapers to the college campus via the World Wide Web. For the first time, stories are organized by academic discipline and linked to other Web sites as well as to print information in textbooks. Topics in the news are linked to relevant university Web sites, textbooks, government sites, political organizations, world leaders and more. College Newslink is the first time a publisher has created an electronic product sold directly to colleges, and not through bookstores to students. Recognition for the site was part of The Best Practice Awards, co-sponsored by PC Week and Technology Managers Forum International, a professional organization comprised of IT executives from large organizations. The Awards recognize quality achievements in technology management that provide a competitive advantage to the business environment.
EAI To Develop
AMES, IOWA/10/28/97-- Iowa-based Engineering Animation, Inc. (NASDAQ: EAII), will produce a series of 12 interactive college textbook supplements for McGraw Hill Companies, Inc. (NYSE: MHP) The multimedia supplements will use the latest 3D technology to visually enhance McGraw Hill psychology, geology, history and biology textbooks. "In keeping with McGraw Hill's rich tradition of publishing excellence, these EAI-produced educational titles will revolutionize how undergraduates learn and study the life, physical and social sciences," said Carol Jacobson, senior director of business development for EAI Interactive. "These multimedia products will bring textbooks to life -- with interactive quizzes, state-of-the-art animation and rotatable 3D graphics that furnish a cutting-edge complement to traditional learning," said Jacobson. EAI is a world leader in the development of 3D visualization products. The company specializes in applying 3D visualization technologies to meet the productivity, communication, education and entertainment needs of its clients through interactive software, custom animation and 3D visualization software.
Random House
NEW YORK,NY/ 10/97-- Random House Client Distribution Services, a division of Random House Inc., will become the US distributor for the Harvard Business School Press's entire list of titles. Harvard publishes about 40 frontlist hardcover titles per year and has a backlist of 200 titles. Beginning February 1, 1998, Harvard Business School Press will be represented by the sales force of Ballantine Publishing Group, a division of Random House Inc.
WorldNow Joins
10/97--WorldNow Online Network Inc., a subsidiary of DataMark Holding Inc., and Books Now Inc. have joined to offer online bookstore sales and services for WorldNow's television station affiliates. WorldNow's television stations will promote the bookstore sites through on-air advertising in addition to links off the stations' homepages. Books Now Inc. (http://www.booksnow.com) offers more than 500,000 titles for sale online. WorldNow is a national Internet service based upon the network television business model. The two companies will jointly create Virtual Bookstore websites for each of WorldNow's affiliate television stations. Each book site will be co-branded with Books Now and the WorldNow affiliate television station.
B&N, Amazon
10/97--Barnes & Noble and Amazon.com have settled their reciprocal lawsuits out of court. Neither party paid damages or admitted liability. Other details of the settlement were not disclosed. Barnes & Noble had filed suit against Amazon.com over its claim to be the "Earth's Biggest Bookstore." Amazon.com's countersuit charged that B&N failed to pay state taxes on Internet book sales. Amazon.com continues to market itself as the "Earth's Biggest Bookstore," while B&N still proclaims to be "the world's largest bookseller."
BookExpo Shifts
10/97--BookExpo America has changed the date of its 1999 Los Angeles trade show from May 14-17 to May 1-3. The earlier date was the only one available during that month at the Los Angeles Convention Center, where the event will take place.
Ingram to Fulfill
10/97--Ingram Book Group has agreed to directly ship book orders to customers of RoweCom Inc., an Internet-based magazine, journal, and book ordering service for educational and business organizations. The arrangement will marry RoweCom's online publication ordering and payment system, with access to Ingram's 400,000 book titles. The system will enable employees of corporations to locate, order and pay for books over the Internet or corporate intranets, while enabling corporations to monitor and manage what each individual employee purchases. Headland Digital Media is the digital publishing arm of Pearson, plc. which also owns Penguin Putnam, Inc.
Viacom Posts
NEW YORK, NY/10/29/97--Viacom Inc. (AMEX: VIA and VIAB) posted a 12% increase in revenues for the third quarter to $3.65 billion, compared to revenues of $3.27 billion for the third quarter last year. Growth was attributed to every segment, including double digit gains in revenue at MTV Networks, Paramount and Blockbuster Video. Viacom, which owns Simon & Schuster, reported modestly lower earnings before interest, taxes, depreciation and amortization (EBITDA) of $668 million, and operating income of $442 million for the third quarter of 1997. All segments of the company, except of Blockbuster, continued to generate solid operating performances in the third quarter. Publishing revenues (consumer, educational and international/reference) increased 9% to $860 million and EBITDA increased 4% to $231 million driven by higher sales in the Consumer Group, including such bestsellers as Clive Cussler's Flood Tide, Frank McCourt's Pulitzer Prize--winning memoir Angela's Ashes and Judith McNaught's Remember When. Strong summer sales in Higher Education and the sale of distribution rights for Computer Curriculum Corporation products in the UK also contributed to improved performance for the quarter. Networks and Broadcasting revenues (including cable and television stations) increased 10% to $681 million and EBITDA increased 18% to $233 million. Entertainment revenues (motion pictures, television programming and movie theaters) rose 21% to $980 million and EBITDA increased 20% to $103 million, reflecting higher revenues at Paramount. Viacom, Inc. is one of the world's largest entertainment and publishing companies and a leading force in nearly every segment of the international media marketplace.
Time, Inc. Marks
NEW YORK, NY/ 10/97--Time Warner Inc. (Time Warner) and Time Warner Entertainment Company, L.P. (TWE), reported combined earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.273 billion. The figure represents a record 32% increase on revenues of $6.088 billion, and a 25% increase for the third quarter of 1997. Time Inc., the company's publishing division, posted a record $114 million for continuing operations, up 15%, compared to $99 million for the year-earlier period. The increase was attributed to strong advertising performance at People, Fortune, In Style and Entertainment Weekly.
Houghton Income
10/97--Houghton Mifflin Company posted a 19.5% gain in net income from operations for the third quarter of 1997. Income totaled $84.2 million ($2.95 per share) up substantially from $70.5 million ($2.53 per share) for the comparative period last year. Net sales for the nine months ended September 30, 1997 rose 12% to $670.2 million from $597.7 million in the same period last year. Net sales for the educational publishing segment during the first nine months of 1997 increased 12.2% to $601.5 million from $536.1 million in the same period last year. Net sales from General publishing increased 11.3% in the nine-month period, to $68.6 million from $61.7 million.
McGraw Hill
The McGraw-Hill companies will pay a quarterly dividend of thirty cents per share on $1.20 convertible preference stock, on December 31, 1997 to shareholders of record as of November 25. Common stock holders will receive a dividend of thirty-six cents per share, payable December 10, 1997 to shareholders of record on November 25.
People
FRIEDMAN JOINS HARPERCOLLINS AS CEO: Jane Friedman has been named president and CEO of HarperCollins, effective November 10, 1997. The announcement was made by News America Publishing Group, which owns HarperCollins. Friedman, who had served as an executive vice president at Random House, fills the HarperCollins post vacated by Anthea Disney, who was promoted to chairman and CEO of New America Publishing Group. Friedman will report to Disney, and will oversee HarperCollins' worldwide book publishing operations. LE BRASSEUR HEADS K-III UNIT: Richard Le Brasseur, 54, formerly president and CEO of K-III's Weekly Reader since 1991, has named president of the newly-formed Supplemental Education Group. The announcement was made by William F. Reilly, chairman and chief executive officer of K-III Communications Corporation (NYSE: KCC) The new Education Group includes: Weekly Reader, the largest educational newsweekly used in 70% of the elementary schools in America; Films for the Humanities & Sciences, the leader in the distribution of educational videos for the high school and college markets; The World Almanac, leading English language almanac and several other holdings. HARCOURT PROMOTES LUCKI: Anthony Lucki has been named president of the School Publishers division of Harcourt Brace & Company, the publishing subsidiary of Harcourt General, Inc. Lucki formerly served as the division's senior vice president. The School Publishers division supplies the elementary school market with programs in reading, language arts, social studies, math, science, art and health. Lucki succeeds Samuel Gesumaria who resigned to become president of The Hampton-Brown Company. Lucki will report to James P. Levy, president of Harcourt Brace's Education and Trade Group. SMITH HEADS S&S EDUCATION UNIT: Martha (Marty) Smith has been named president of Prentice Hall School, the secondary education unit of Simon & Schuster's K-12 Publishing Division. David Wan, president of the K-12 division, made the announcement. Ms. Smith replaces Jane Antoun, who will become an educational publishing advisor to Simon & Schuster, after 20 years at Prentice Hall. Ms. Smith formerly served as vice president and general manager of product development at Prentice Hall. DOMINITZ PERMANENTLY HEADS ABA: Avin Mark Dominitz has been appointed permanent executive director of the of the American Booksellers Association, effective January 1, 1998. He had served as interim director since the departure of Bernie Rath last February.
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