Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as much as 11 percent to $6.61 on Friday. They had surged 30 percent on Thursday on news that Elliott was close to a deal. Elliott, run by the billionaire Paul Singer, has experience in the book business. It acquired Waterstones, a U.K. book retailer, last year. James Daunt, chief executive officer of Waterstones, will also become CEO of Barnes & Noble. Elliott will keep the chains operating independently but the brands will “share a common CEO and benefit from the sharing of best practice between the companies.” Including debt, the deal is valued at $683 million, according to the companies. It’ll be funded by a $700 million asset-based revolving credit facility from Wells Fargo Bank and Bank of America, as well as a $125 million first-in, last-out credit facility backed by a Carlyle Group credit unit, a Pathlight Capital fund and Wells Fargo, according to regulatory filings. The deal also includes a $30 million breakup fee, the filings show. Barnes & Noble, with more than 600 stores, has tried strategies such as offering food and coffee and selling non-book merchandise, but has failed to stem the onslaught of Amazon.com Inc. Along the way, it’s weathered self-inflicted... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-06-07 16:16:58 UTC ]
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Believe it or not, but that whole ebook price fixing fiasco is still an ongoing issue for the Justice Department. New York's senior senator, Chuck Schumer wishes it wasn't however, he simply wants the DOJ to drop the case and walk away. In a lengthy (factually questionable) op-ed in the Wall... Continue reading at Engadget
[ Engadget | 2012-07-19 00:00:00 UTC ]
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The World Bank has debarred Oxford University Press East Africa and Oxford University Press... Continue reading at The Bookseller
[ The Bookseller | 2012-07-03 00:00:00 UTC ]
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Erotic book Fifty Shades of Grey has become the fastest adult paperback novel to sell one million print copies, smashing previous records. Continue reading at BBC News
[ BBC News | 2012-06-28 00:00:00 UTC ]
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All three books in E L James' Fifty Shades trilogy (Arrow) last week surpassed the single... Continue reading at The Bookseller
[ The Bookseller | 2012-06-26 00:00:00 UTC ]
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EL James has been revealed as Amazon.co.uk’s bestselling ebook author ever, with her debut... Continue reading at The Bookseller
[ The Bookseller | 2012-06-26 00:00:00 UTC ]
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The Justice Department meant business when it accused Apple and five other publishers of price-rigging ebooks, and are officially taking Cupertino and two publishers to court. In a hearing on Friday, Judge Denise Cote set a bench trial for June 3, 2012, putting Apple, Macmillan and Penguin Group... Continue reading at Engadget
[ Engadget | 2012-06-23 00:00:00 UTC ]
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It looks to be a good time for tech investments, with enterprise marketing company Unified receiving $10 million from Conde Nast parent company Advance Publications. Continue reading at Folio Magazine
[ Folio Magazine | 2012-06-12 00:00:00 UTC ]
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Perseus and Zagat Survey have announced that in addition to their current distribution agreement, as of May 1, 2012, Perseus has also taken over sales for Zagat in the U.S. for field, mass merchandise, specialty and gift accounts and will handle sales to all accounts in Canada. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-06-12 00:00:00 UTC ]
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Reed Exhibitions, organiser of the London Book Fair, is not anticipating changing the traditional... Continue reading at The Bookseller
[ The Bookseller | 2012-06-06 00:00:00 UTC ]
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Reed Exhibitions, organisers of the London Book Fair, is trialling a new kind of pricing... Continue reading at The Bookseller
[ The Bookseller | 2012-06-01 00:00:00 UTC ]
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In response to a Justice Department lawsuit, the two book publishers denied any price fixing for ebooks and accuse Amazon of engaging in anticompetitive behavior. Continue reading at The New York Times
[ The New York Times | 2012-05-31 00:00:00 UTC ]
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The Chicago Tribune is mulling a plan to charge online readers premiums for different kinds of content, a structure similar to the fee it charges for the print literary magazine it introduced this year. The city's largest newspaper is charting ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-29 00:00:00 UTC ]
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In its interim statement for its fiscal half-year ending March 2012, enthusiast publisher Future plc is reporting a quickly growing digital operation. Continue reading at Folio Magazine
[ Folio Magazine | 2012-05-24 00:00:00 UTC ]
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Long form digital journalism publisher and app developer The Atavist secured a round of funding worth $1.5 million. The first million was confirmed last week, while founder Evan Ratliff says the rest is committed and “will happen over the coming weeks.” Continue reading at Folio Magazine
[ Folio Magazine | 2012-05-22 00:00:00 UTC ]
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The Waterstones decision to sell Amazon Kindles and ebooks has provoked widespread discussion in... Continue reading at The Bookseller
[ The Bookseller | 2012-05-22 00:00:00 UTC ]
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Simon & Schuster becomes the latest publisher to settle an antitrust claim by a team of states, while Macmillan, Penguin, and Apple fight on. Continue reading at PC World
[ PC World | 2012-05-18 00:00:00 UTC ]
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London, England – The World e-Reading Congress drew a number of influential speakers in London today, including Duncan Edwards, CEO of Hearst Magazines International, who highlighted the striking rise of tablet publishing. Hearst is ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-16 00:00:00 UTC ]
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A federal judge on Tuesday denied Apple and several major book publishers’ motions to dismiss a class-action lawsuit that accuses the companies of conspiring to control the price of ebooks. In denying the request, Judge Denise Cote of the ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-16 00:00:00 UTC ]
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Hachette Livre has today (4th May) reduced the retail prices of ebooks to the level of the... Continue reading at The Bookseller
[ The Bookseller | 2012-05-04 00:00:00 UTC ]
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The software company announced it will invest $300 million in the bookseller's ebook and college bookstore ventures Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-04-30 00:00:00 UTC ]
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