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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Written By: Graeme Neill Publication Date: Mon, 19/09/2011 - 14:24 A Game of Thrones author George RR Martin has become the latest author to sell one million copies of his books for the Amazon Kindle. Martin joins Stieg Larsson, James Patterson, Nora Roberts, Charlaine Harris, Lee Child,... Continue reading at The Bookseller
[ The Bookseller | 2011-09-19 00:00:00 UTC ]
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Written By: Lisa Campbell and Benedicte Page Publication Date: Fri, 16/09/2011 - 08:40 Waterstone's has floated the idea of introducing differential book pricing across stores in the UK in its discussions with some publishers. The chain is considering marketing books at different prices across... Continue reading at The Bookseller
[ The Bookseller | 2011-09-16 00:00:00 UTC ]
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Written By: Benedicte Page and Lisa Campbell Publication Date: Thu, 15/09/2011 - 09:51 Publishers are being kept waiting for the conclusion of the Office of Fair Trading's investigation into ebook prices, begun at the start of this year, with the OFT now in the process of assessing all the... Continue reading at The Bookseller
[ The Bookseller | 2011-09-15 00:00:00 UTC ]
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Even as readers grow more comfortable with digital books, some continue to question why so many of the most popular new ebooks are priced so high. Continue reading at AllThingsD
[ AllThingsD | 2011-09-12 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 06/09/2011 - 16:00 Bookmaker William Hill has Julian Barnes as the favourite to win the Man Booker Prize for Fiction after the shortlist was announced today. Retailers Waterstone's and Daunt Books agree Barnes' The Sense of An Ending (Jonathan... Continue reading at The Bookseller
[ The Bookseller | 2011-09-06 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Mon, 05/09/2011 - 08:05 Buyers are being sought for Mr Men and Agatha Christie franchise owner Chorion after the company failed to renegotiate its banking arrangements to ease its £70m debt. The company breached its banking covenants earlier this... Continue reading at The Bookseller
[ The Bookseller | 2011-09-05 00:00:00 UTC ]
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Written By: Charlotte Williams, Lisa Campbell and Philip Stone Publication Date: Mon, 05/09/2011 - 14:00 William Hill has now named Julian Barnes as favourite to win the Man Booker prize, with the three-times shortlisted author overtaking previous winner Alan Hollinghurst ahead of tomorrow's... Continue reading at The Bookseller
[ The Bookseller | 2011-09-05 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 02/09/2011 - 08:00 Waterstone's has refused 100 of its longest-serving staff a pay rise given to the rest of the company. The bookselling chain wrote to 100 staff on a "legacy contract" last Friday (26th August) informing them that they would... Continue reading at The Bookseller
[ The Bookseller | 2011-09-01 00:00:00 UTC ]
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Publication Date: Tue, 30/08/2011 - 08:40 Puffin is to release an initial print run of half a million copies of the new Wimpy Kid title, Cabin Fever, published on 16th November. The print run is the largest in the history of the children's publisher, and will be Penguin's largest initial UK... Continue reading at The Bookseller
[ The Bookseller | 2011-08-30 00:00:00 UTC ]
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Despite the decline of paper product use among publishers, prices for paper havent fallen the way many hoped they would. Some say that this is the result of demand meeting supply, while others think pricing is about to change for the publishers benefit. Terry Choate, president of Making... Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-30 00:00:00 UTC ]
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At no time in its history has the opportunity and danger been greater for Books-A-Million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-08-29 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Thu, 25/08/2011 - 07:56 Julian Barnes' The Sense of an Ending (Cape) is comfortably the bestselling longlistee of one of the most popular Man Booker longlists since records began. Barnes' concise novel has sold 9,700 copies at UK booksellers since the... Continue reading at The Bookseller
[ The Bookseller | 2011-08-25 00:00:00 UTC ]
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Glamour wants readers to scan the Facebook icon next to the singer Rihanna, and other icons placed throughout the issue. Continue reading at The New York Times
[ The New York Times | 2011-08-23 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 16/08/2011 - 14:41 Kathryn Stockett has become the first debut author to join the Kindle Million Club after selling over a million copies of her novel The Help (Penguin). Janet Evanovich, Headline Review author of the Stephanie Plum novels, has... Continue reading at The Bookseller
[ The Bookseller | 2011-08-16 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Tue, 16/08/2011 - 09:15 UK ebook buyers are expecting heavier discounting on digital titles than their counterparts across the Atlantic, a new survey has found. The survey, undertaken in April by consultants Simon-Kucher and Partners among 250 book... Continue reading at The Bookseller
[ The Bookseller | 2011-08-16 00:00:00 UTC ]
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Executives in different parts of the publishing business did fairly well in 2010, according to PW's annual look at salaries. With the exception of those at Books-A-Million and Scholastic, compensation for the top managers went up in the past year as their companies saw generally improved results... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-08-12 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Thu, 11/08/2011 - 15:15 Fantasy author Trudi Canavan has become the latest writer to top the landmark figure of one million print book sales through UK Nielsen BookScan. Total sales through Nielsen BookScan to the week ending 6th August 2011 are... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
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A class-action lawsuit accuses Apple of working with publishers to raise the cost of ebooks. Continue reading at PC World
[ PC World | 2011-08-11 00:00:00 UTC ]
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To hear it from AOL, content and brands are the keys to the companys comeback strategy. But some in the industry wonder if the companys new pick to lead ad sales muddies the message. In a memo to staff Monday, AOL CEO Tim Armstrong announced that ad sales chief Jeff Levick would be... Continue reading at AdWeek
[ AdWeek | 2011-07-27 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Tue, 26/07/2011 - 17:11 Telegraph Media Group has been ordered to pay £65,000 in damages after losing a high court case for libel and malicious falsehood over a Lynn Barber book review published in the Telegraph. read more Continue reading at The Bookseller
[ The Bookseller | 2011-07-26 00:00:00 UTC ]
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