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AUTHORLINK NEWS ARCHIVESDecember, 1996
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DECEMBER, 1996, NEW YORK, NY--UK publishing conglomerate, Pearson plc, has expanded its interests in US trade book publishing through the $336 million acquisition of Putnam Berkley by Pearson's Penguin Group. The sale will be finalized by year end. The new publishing group, under the combined name, Penguin/Putnam, becomes the second largest English language trade publisher in the world, and third largest in the USA, according to Michael Lynton, chairman and chief executive officer of Penguin Group Worldwide, which includes the Penguin/Putnam companies. Prior to the sale, Penguin was the fourth largest trade book publisher in the world, with 1995 sales of $275 million. The company has been part of the enteratinment division of Pearson plc, which also includes Pearson Television, The Tussauds Group, Pearson new Entertainment and Mindscape. Putnam Berkley, one of the leading US publishers of bestselling fiction, had been part of MCA Inc. As chairman and CEO of the new Penguin/Putnam worldwide, Michael Lynton succeeds retiring Peter Mayer. Phyllis Grann, current Putnam chairman, becomes president of the combined Penguin/Putnam operations in the US, and will report to Lynton. David Shanks remains Putnam president and Marvin Brown remains Penguin USA president. Both men will report to Grann. Chairman Lynton said the new Penguin/Putnam group "is above all committed to maintaining the creative integrity of the imprints in both houses. The consolidation will, however, reuslt in certain duplications in facilities and systems." He added that the company will rely on normal attrition and internal redeployment to reduce duplications.
Current Imrpint Structure:
Paperback
Children
Putnam Berkley
Paperback
Children
Pearson also publishes the Financial Times, owns half of the Economist, important electronic publishing interests, and recently bought HarperCollins's educational publishing units.
Gulf Publishing
DECEMBER, 1996, HOUSTON--Gulf Publishing Company has promoted John D. (Rusty) Meador to the position of President and Chief Operating Officer, and has elevated William (B.J.) Lowe, editor-in-chief of Gulf's Book Division, to Director of Book Publishing. Robert W. Scott continues as chairman and chief executive officer. John Meador, who has 23 years of publishing and oil/gas industry experience, formerly served as a corporate vice president and director of the Gulf Book Division. At Gulf, he has been Director of International Sales for the company's magazine publications and Associate Publisher of Pipe Line and Gas Industry. B.J. Lowe,46, oversaw acquisition and development of new books. He created the company's related businesses in technical conferences and engineering software and was instrumental in Gulf's purchase of Texas Monthly Press and Pisces Books. Gulf Publishing is one of the largest book publishers in Texas. The Book Division specializes in scientific,technical, and business books, and in general books with a regional slant. Under the Maverick Books imprint, the company publishes the popular Hank the Cowdog series of books and tapes by John Erickson.
NelsonWord to Expand
NelsonWord Publishing Group has sold its Word Records and Music subsidiary to Gaylord Entertainment Company for $110 million, thus enabling NelsonWord to concentrate on its core book and Bible publishing business. Proceeds from the sale will be used to pay down debts and to expand NelsonWord's entry into mainstream publishing, according to President Byron Williamson. NelsonWord was formed in 1992 when Thomas Nelson acquired Word Publishing, which focused mainly on the religious market. The company also has a gifts division which accounted entirely for an 18% gain in sales for the first six months of 1996 to $166.2 million. Book and bible sales were off about 10% during the first half of the year to $71 milion. Music sales were down 6.5% to $46 million. Word Records and Music will become a new operating division at Gaylord, headed by Roland Lundy, existing Word president. Gaylord also owns Opryland Music Group, the Nashville Network, Grand Ole Opry, Country Music Television, Opryland Hotel and theme parks as well as other broadcast television and radio stations.
Major Bookstore Chains
The nation's four largest bookstore chains posted an 18.9% increase in sales for the third quarter period ending November 2, 1996, for a total of nearly $1.1 billion. Barnes & Noble reported $532.6 million in sales, followed by Borders Group, $413.5 million; Books-A-Million, $64.5 million and Crown Books, $63.3 million.
New BuddaScape Mall
BuddaScape, Inc., California-based brainchild of Screewriter/director Stephen Smoke, now offers hundreds of books and magazines in its new online BuddaScape Publishing Mall. The site offers on-line book sales, downloadable books for backlist and out-of-print titles, and technical books. BuddaScape, located at http://www.buddascape.com, also features interviews and seminars with authors.
Simon & Schuster
DECEMBER, 1996, NEW YORK, NY--Simon & Schuster's Consumer Group has created a new on-line service for readers, called "SimonSays.com." The company describes the new site as "your space to hear the many voices of Simon & Schuster authors, editors and the voices of other readers." SimonSays offers readers online readings and interviews, read and write reviews, new book news, and the opporutnity to meet people with shared interests. Simon & Schuster Consumer group is known for its popular fiction and nonfiction titles. The group reportedly publishes "more celebrated authors and bestsellers in a greater variety of formats than anyone else in the world." Simon & Schuster, the publishing arm of Viacom, Inc., is divided into four groups:
Simon & Schuster Consumer Group Imprints include:
The site was created by Simon & Schuster Online and Razorfish, Inc., and can be reached at the URL: http://www.simonsays.com
The Millbrook Press Inc.
DECEMBER, 1996, CONNECTICUT--Connecticut-based Millbrook Press, Inc. has launched a $6 million public stock offering. The company plans to issue 1.5 million shares of common stock at $5 per share, according to the required Securities & Exchange Commission registration statement, filed in October. Originally established in 1989 and restructured in 1994 under its current name, Millbrook Press publishes books for the school and public library markets as well as the consumer market. The company, which has not yet turned a profit under its present structure, has about $9 million in sales. The Millbrook line, which includes the Cooper Beech imprint, embraces 560 hardcover titles and 310 paperback books. Approximately two-thirds of its business comes from the school and library market. The balance is in consumer titles. Among Millbrook titles are "Crafts for Valentine's Day," "The Quilt-Block History of Pioneer Days With Projects Kids Can Make," "Nature in Your Backyard: Simple Activities for Children," "Michael Rosen's ABC," "The Crocodile and the Dentist," "Malcolm X: His Life and Legacy," and "Yitzhak Rabin: Israel's Soldier Statesman." Nearly half of net proceeds from the Initial Public Offering, will be spent to expand and market Millbrook's products, with the balance to be used for debt repayment and working capital. The company proposes to trade as MILB on Nasdaq (SC).
Contact Information:
Sneak Preview
DECEMBER, 1996, CHICAGO, IL--The American Booksellers Association is preparing for one of the publishing industry's largest shows of the year in 1997. The show is scheduled June 13-17 in Chicago's mammouth McCormick Center. A preliminary look at the program lineup shows strong emphasis upon major shifts in the industry, and upon the impact of technology. One session, titled, "The Bookstore of the 21st Century" (June 13 at the Westin Hotel), will focus on the bookstore of the next century, and the dramatic changes that will take place both culturally and technologically. Monderated by Richard Scott, Managing Editor of the American Bookseller Magazine, the session will talk about how the changes will affect bookstore owners, and the economic and intellectual costs of the new paradigms. Booksellers will gain additional insights about the future from a program is titled: " Value Migration: A New Approach to Strategic Planning" (June 16, East Building, McCormick Place). Independent bookstore share of the adult book market dropped form 32% in 91 to 21% in 1994. In '94 only 15% of the children's books sold in the US were sold in bookstores and only a third of those were sold by independents. "There is no magic bullet that will halt disturbing trends,"says the program description. "However, booksellers can learn how to maximize their assets, anticipate future shifts in the industry and stay ahead of the competition." Noted author and consultant, Adrian Slywotazky, will lead the session. He is author of Value Migration: How to Think Several Moves Ahead of the Competition (Harvard Business School Press). A complete printed ABA program will be available in March.
Contact information:
Rewriting The Book
Less than a year ago, the Book-of-the-Month Club (BOMC) successfully seized ownership of Meredith Book Clubs away from Doubleday in a last-minute bid that surprised the publishing industry. Today, with more than 3.5 million members, BOMC is the nation's largest direct-mail marketer of books, having shipped more than 30 million copies to members last year. The Club has posted a 250% increase in profitability since 1991; a five- fold expansion in its Children's BOMC, and its year-old One Spirit spiritual book club is setting records for book sales and new membership. Greg Tobin, vice president and editor-in-chief of BOMC, said that about 15,000 to 20,000 new titles are published each year. From that number, BOMC picks about 400-500, purchases the rights, and has them printed. Read the story of BOMC's rise on the Time Warner web site.
New York Editor, Tobin
Ever wonder how and why the nation's largest direct-mail marketer of books picks the titles for the 30 million books it sells each year? Members and guests of Book Publishers of Texas gained an inside view of the process November 15 from Greg Tobin, vice president and editor-in-chief of the Book of the Month Club, Inc. Tobin was keynote speaker for the the Book Publishers' seminar for writers, as part of the First Annual Texas Book Festival in Austin. "While we are not publishers, we sometimes act like publishers," Tobin said. Understanding the company's massive structure is key to understanding the acquisition process, he indicated. Tobin first explained how the Book-of-the-Month Club, Inc. (BOMC) fits into the marketplace. The corporation accounts for about one-third of the club market's billion-dollar gross annual revenues, and about 15-20% of all consumer book sales. The organization does business in 70 countries around the world. Book-of-the-Month Club, Inc. is comprised of nine book clubs and has 3.5 million members. The group includes Quality Paperback Books, Children's BOMC and the new One Spirit spiritual book club. The organization's namesake, Book-of-the-Month Club, is its flagship entity, with more than one million members. The BOMC chooses 400 hundred of the 2200 titles released by the company annually. Tobin focused his remarks on the lead club. "BOMC sends direct mail catalogues to its customers 17 times per year. We select 30 new titles per mailing and have a back list of about 200 titles," he said. " Ninety-nine percent of our acquisitions are made through publishers. They submit manuscripts or bound galleys to us for evaluation about 9-12 months before the books are to be released." Nearly every week, BOMC editors must choose 12 new titles for inclusion in the next mailing. The books are placed in a large room where freelance readers evaluate the works, and prepare editorial reports on each one. The reports are then read by the editorial department in a weekly editorial meeting. "We race through each book of interest and narrow our choices to 12. When we decide to buy, an editor contacts the publisher and makes an offer for the rights." BOMC generally offers a five-year, non-exclusive, open market license agreement allowing the club to sell to its members and prospective members in the US and Canada. The club also obtains the right to manufacture the book. The license holder earns royalties of 10% on hard cover and 8% on soft cover books. "Our quick turn- around process is both gratifying and scary," said Tobin. "A BOMC main title will sell 25,000-100,000 copies, and our alternate selection, between 5,000 and 15,000 copies. "BOMC has a finite, circumscribed audience, " he continued. " Sixty percent of our readers are females in their mid-forties. They are college graduates and have above-average incomes. They are curious, avid consumers." Criteria for adoption is based on the quality and salability of the book, the author and subject matter. Other strongly-considered points are the book's relevance for members, the publication date, format (hard or soft cover), whether illustrations are included, and the pricing. "We like pricing which allows us to give our readers large discounts," Tobin explained. Hot categories for BOMC currently include classics, biographies, American history, science, spirituality, friendly how-to computer books, and books about the Irish. And what of that 1% of books which aren't bought through publishers? "On rare occasions an author or agent will approach us with an idea, " Tobin said. "We may then encourage a publisher to take the book on, or commission the author to write the book." Contacts:
Greg Tobin
Book Publishers of Texas
Texas Woman
NOVEMBER, 1996, UNITED KINGDOM--Marjorie M. Scardino, a native Texan, has become the first woman to be named chief executive of a British public company. Ms. Scardino will head Pearson PLC, the UK publishing conglomerate which owns the Financial Times, and major interests in the Economist and in electronic publishing. Ms. Scardino, age 49, succeeds retiring managing director Frank Barlow, 66. In a surprise appointment, the Texarkansas, Texas native beat out three high-ranking internal candidates for the job. The woman executive began her career as a reporter for the Associated Press in New York and Washington. After running her own newspaper, the Georgia Gazette, with husband, Albert, she oversaw the North American operations of the Economist in New York. Credited with increasing the the publication's revenues by 78% and profits by 130%, she moved to London in 1992 and was named chief executive of the Economist . She officially takes the top chair at Pearson on January 1, 1997.
Golden Books Completes
NEW YORK, LATE DECEMBER, 1996-- Golden Books Family Entertainment Inc. and Peacock Papers Inc. announced December 24 that they have completed the previously announced sale of stock of Golden Books' subsidiary, Penn Corporation, to Peacock. Penn Corporation's primary asset is Beach Products, which manufactures party goods. Terms of the transaction, which was announced on Nov. 13, 1996, were not disclosed. Golden Books Family Entertainment is the largest creator, publisher, marketer of children's books in Canada and United States. Children's books, including story and picture books for children aged two through eight, are principally marketed under the GOLDEN BOOKS, LITTLE GOLDEN BOOKS, GOLDEN BOOKS WITH SOUND, GOLDEN SIGHT & SOUND, GOLDEN SING A LONG, MY FIRST GOLDEN BOOK WITH SOUND, GOLDEN TALKING TALES, GOLDEN SEEK 'N", GOLDEN SOUND STORY and SOUND STORY" trademarks. Activity books and products and educational wookbooks for children are marketed under the GOLDEN BOOK, MERRIGOLD PRESS AND GOLDEN BOOK/STEP AHEAD trademarks.
West Publishing Merger
EAGAN, MINN., LATE DECEMBER, 1996 -- Legal proceedings regarding acquisition of Eagan, Minn.-based legal publisher West Publishing by The Thomson Corporation (TSE: TOC) of Stamford, Conn. neared a conclusion December 23 when a federal district court rejected the objections by competitors opposed to the transaction and found that the divestiture provisions of a proposed consent decree satisfied the "public interest" requirements of the Tunney Act. Thomson's acquired West in June 1996, after the parties settled an investigation by the Department of Justice and seven states by agreeing to a consent decree. The consent decree, which requires court approval to become effective, would compel Thomson and West to divest a number of legal publications as well as license West's system of star pagination. Final adoption requires a court finding that the consent decree was in the public interest. Since under applicable law, the court could only accept the consent decree as proposed by the parties or reject it, Judge Friedman declined to accept the consent decree but invited the parties to submit a revision that addresses his concern on a license fee provision. The president of the West Information Publishing Group (WIPG), Brian Hall, lauded the court's decision as "a great victory for consumers of information. Judge Friedman has removed any doubt that the settlement we reached is in the public interest. Although some technical details need to be worked out, the court's opinion should allow the divestitures we planned to go forward quickly and permit Thomson and West to focus on the future. WIPG, a division of The Thomson Corporation is the leading provider of information to the US legal community. The company has some 9,500 employees and approximately $1.1 billion in annual revenues. WIPG was formed when West Publishing and Thomson Legal Publishing of Rochester, NY merged in June.
New Computing Magazine
SAN FRANCISCO, DECEMBER, 1996 -- Office Computing, a new quarterly publication will be launched in March, 1997, offering business-focused, hands-on information about maximizing the productivity of Microsoft Office '97. The new magazine will be published by PC Computing, the 1,000, 000-circulation Ziff-Davis magazine for technology-minded business professionals. Office Computing will be targeted to small and medium-sized businesses are using various versions of Microsoft's "Office" , and or Office '97, the newest generation of Microsoft's popular integrated software. Editorial content will be conceived and written by the PC Computing editorial staff.
United Beefs Up Publishing,
LONDON, DECEMBER, 1996-- United News & Media , following its April, 1996 merger with MAI, has sold a number of non-core activities (including Wagon legal Finance Tolley in August, 1996). Company spokesmen said the 243 million pound proceeds will be used to develop United's consumer publishing, broadcast and entertainment divisions as well as other interests. The merged company has embarked on an ambitious program to extend its successful free advertising periodicals into major new US markets in both the apartment rental and auto sectors. United will also increase its investment in production and distribution joint ventures with Time Warner. Plans include a 225 million pounds joint venture to build Warner Bros. Movie World film studios and theme park at Hillingdon, England.
Newspaper Association
RESTON, VIRGINIA, JANUARY, 1996 -- Ronald W. Weathersby has been named director of public relations for the Newspaper Association of America (NAA). The appointment was announced by Judith Burrell, senior vice president for communications. Weathersby comes to NAA from the Piney Woods Country Life School in Mississippi where he was the director of public relations. Prior to that he worked as a public relations, marketing and political consultant for a variety of clients around the country including The Democratic National Committee, former US Senator Alan Cranston and Walter Mondale.
Tom Clancy's NetForce
LOS ANGELES, DECEMBER, 1996-- BIG Entertainment, Inc. (Nasdaq: BIGE), C.P. Group, Inc., and Playmates Toys, Inc. jointly announced they have entered into a master toy license agreement for the entertainment property, Tom Clancy's NetForce(TM). Plans are for a diverse array of toys, including action figures, accessories and vehicles, and skill and action games. Author Tom Clancy's NetForce is a property of NetCo Partners, a joint venture of BIG Entertainment and C.P. Group. The story is set in the near future and focuses on an elite, military-style division of the F.B.I., a (N)euro-(E)ngineered (T)actical Force, that is granted extraordinary powers to combat technology-based crime and terrorism.
Super Video Chain
CHICAGO, DECEMBER, 1996 -- Hollywood Entertainment Corporation, dba Hollywood Video (Nasdaq: HLYW) plans to open 25 - 30 stores in Milwaukee, Wisconsin, during the next three to five years. Hollywood Video is the second largest video store chain in the United States. The video superstores average approximately 7,500 square feet and typically carry approximately 10,000 titles and 16,000 videocassettes. The chain has grown from 25 video superstores in eight states at the beginning of 1994 to 520 stores in 30 states today
Hotel Video Provider
SANTA CLARA, CALIFORNIA, DECEMBER, 1996-- On Command Corporation (Nasdaq: ONCO), a new public company and the world's largest provider of interactive video entertainment and information services to the hotel industry, has reported $32.7 million in earnings for the period ended September 30, 1996. The figure represents a 25% increase over the same period in 1995, and does not include earnings from SpectraVision, Inc., which On Command acquired in October this year. Combined earnings will be who reported beginning with the fourth quarter of 1996. On Command President and CEO Bob Kavner, said the company will "concentrate our efforts on staying close to our customers, finalizing the integration of the On Command Video and SpectraVision operations, and growing cash flows by developing new programming applications and installing new rooms." The company now has a room installation base of about 441,000 up 32 percent over one year earlier. | |
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