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: Barbara Casassus Publication Date: Thu, 05/05/2011 - 09:14 France is bracing for battle with the European Commission with its government on the verge of adopting a bill allowing publishers to fix prices for all ebooks sold in France. The bill, which was approved unanimously by an... Continue reading at The Bookseller
[ The Bookseller | 2011-05-05 00:00:00 UTC ]
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Written By: Hannah Davies Publication Date: Wed, 04/05/2011 - 08:41 The Buyer's Guide website http://www.booksellerbuyersguide.co.uk will close to editorial submissions for the Autumn 2011 Adult and Children's Buyer's Guides on Friday 6th May at 5 p.m. Eligible titles are those published... Continue reading at The Bookseller
[ The Bookseller | 2011-05-04 00:00:00 UTC ]
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Written By: Anja Sieg Publication Date: Thu, 21/04/2011 - 13:53 More than three years after it was introduced in North America and eight months after the UK become the first country outside of the US to get a dedicated Kindle store, Germany has followed suit. The German Kindle store was... Continue reading at The Bookseller
[ The Bookseller | 2011-04-21 00:00:00 UTC ]
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Written By: Hannah Davies Publication Date: Mon, 18/04/2011 - 09:07 The Buyers Guide website is now accepting submissions for the Autumn 2011 Adult and Childrens Buyers Guides. Eligible titles are those published between July and December 2011. The website will close to submissions on... Continue reading at The Bookseller
[ The Bookseller | 2011-04-18 00:00:00 UTC ]
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Written By: Benedicte Page, Philip Jones and Charlotte Williams Publication Date: Wed, 13/04/2011 - 09:28 Bricks and mortar bookshops in the United States face a grim future, with the heaviest book buyers choosing to buy digitally, delegates at London Book Fair were told. read more Continue reading at The Bookseller
[ The Bookseller | 2011-04-13 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Wed, 06/04/2011 - 14:58 Penguin group chief executive John Makinson took home £1.5m in pay in 2010, in a year when Penguin's sales grew 21% to £1.1bn and adjusted operating profit grew 19% to £106m. Makinson's pay rose by £150,000 thanks to a rise in... Continue reading at The Bookseller
[ The Bookseller | 2011-04-06 00:00:00 UTC ]
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Written By: Barbara Casassus Publication Date: Tue, 29/03/2011 - 15:29 French culture minister Frédéric Mitterrand has called for the European Union to regulate ebook prices as soon as possible, and to introduce a reduced rate of VAT on all cultural goods and services, whether they are sold... Continue reading at The Bookseller
[ The Bookseller | 2011-03-29 00:00:00 UTC ]
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Written By: Caroline Horn Publication Date: Mon, 28/03/2011 - 15:21 HarperCollins has paid tribute to Diana Wynne Jones who passed away this weekend following a long illness. Victoria Barnsley, HarperCollins publisher and c.e.o., said: Diana was one of our truly wonderful and much cherished... Continue reading at The Bookseller
[ The Bookseller | 2011-03-28 00:00:00 UTC ]
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Publication Date: Fri, 18/03/2011 - 08:20 Three-times Man Booker-shortlisted author Julian Barnes has been awarded the £40,000 David Cohen Prize for Literature for his lifetimes achievement in literature. Barnes was presented with the award by chair of judges Mark Lawson at a gala ceremony at... Continue reading at The Bookseller
[ The Bookseller | 2011-03-18 00:00:00 UTC ]
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Simplifying (and clarifying) the purchasing processregardless of newsstand--and finding new ways to effectively market among the crush of new apps being launched is critical for publishers to succeed, according to speakers at MPAs Digital E-Reading conference today. Continue reading at Folio Magazine
[ Folio Magazine | 2011-03-16 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 15/03/2011 - 09:12 Hodder & Stoughton, along with Hachette Books Ireland, has bought rights to two new novels by Irish fiction author Ciara Geraghty for a "significant six figure sum". The deal for British Commonwealth rights including... Continue reading at The Bookseller
[ The Bookseller | 2011-03-15 00:00:00 UTC ]
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The Hearst Corporation has launched the beta version of Manilla, a free personal account management system. George Kliavkoff has been named CEO of the service that allows consumers to securely link bank accounts, view statements, pay bills and manage subscriptions through one account. Continue reading at Folio Magazine
[ Folio Magazine | 2011-03-10 00:00:00 UTC ]
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Administrators are trying to sell 103 Borders and Angus & Robertson bookshops, after the parent of the book chains crumbled under its debt burden. Continue reading at The Sydney Morning Herald
[ The Sydney Morning Herald | 2011-03-08 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 18/02/2011 - 08:15 Publishing staff at Cambridge University Press (CUP) have voted to reject a pay increase of 2%. The proposed pay increase, which CUP has described as reasonable and in line with other pay settlements, has led the Unite union to... Continue reading at The Bookseller
[ The Bookseller | 2011-02-18 00:00:00 UTC ]
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By Joe Wilcox, Betanews Late yesterday I asked: "Would you pay $600 for the Motorola XOOM tablet?" Whoa, did you respond. Reaction is mixed, but those of you who own Android phones, particularly Motorola models, are more likely to answer "Yes." However, plenty of readers still wouldn't pay $600... Continue reading at Betanews
[ Betanews | 2011-02-17 00:00:00 UTC ]
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Apple kept mum on its highly anticipated digital subscription plan during a press conference today at the Guggenheim in New York City announcing News Corp.'s new tablet publication The Daily (which is available in the App Store as of noon Eastern), but News Corp. Continue reading at Folio Magazine
[ Folio Magazine | 2011-02-02 00:00:00 UTC ]
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Written By: Charlotte Williams The Office of Fair Trading has announced an enquiry into the ebook agency model, following what it described as a "significant number of complaints". The OFT said the investigation is "into whether arrangements that certain publishers have put in place with some... Continue reading at The Bookseller
[ The Bookseller | 2011-02-01 00:00:00 UTC ]
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Hearst Corp. announced today that it has made an offer of 651 million euros (or about $889 million) for Lagardere's international press and magazine business, including 102 titles in 15 countries, and 50 related Web sites. The deal includes publishing rights to Elle in 15 countries as well as 10... Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-31 00:00:00 UTC ]
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Hearst Corporation has made a "binding offer" of 651m (£559m) for Lagardère's international magazine business, which includes a licensing agreement for fashion magazine Elle. Continue reading at Media Week
[ Media Week | 2011-01-31 00:00:00 UTC ]
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While all the big box stores carry books and all offer discounted bestsellers, Target competes most directly for those consumers who might otherwise make their purchases at bookstores. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-01-24 00:00:00 UTC ]
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