Scholastic Corp. is looking to sell all or part of its headquarters in the heart of SoHo’s cast-iron district.The book publishing giant said Monday it hired commercial broker Newmark Group to seek out parties interested in acquiring some or all of the adjoining buildings at 555-557 Broadway, then leasing space back to the publisher of Harry Potter and Clifford the Big Red Dog. The company said sale proceeds would support “capital allocation priorities,” including debt reduction and share repurchases. Scholastic’s plan to lighten its real estate load is part of a broader streamlining plan. Revenue at the publishing house with 5,000 U.S.-based employees decreased last year by 7%, to $1.6 billion, while operating income sank by 85%, to $15 million. The company said Monday that new leadership has been appointed in its children’s publishing and education solutions groups with “clear mandates to refine strategies.” A spokeswoman for the publisher, Anne Sparkman, declined to comment on Monday’s announcement.Scholastic’s share price jumped by 10% on today’s news, to $21 a share. It has lost more than half its value since longtime CEO Dick Robinson passed away four years ago at age 84. Robinson declined to pass control onto his two adult sons and instead bequeathed his shares to Iole Luccese, an executive who was his long “longtime romantic partner,” the Wall Street Journal reported. Scholastic leases 10 of the 12 floors at 555-557 Broadway, or about 300,000 square feet. The... Continue reading at 'Crains New York'
[ Crains New York | 2025-06-23 19:34:33 UTC ]
Pottermore has partnered with ebook company Overdrive to bring electronic versions of the 'Harry Potter' series to libraries and schools in five languages. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-02-28 00:00:00 UTC ]
More news stories like this
The word synergy, in the world of book publishing, feels like a term that died in the ’90s. Back then, almost every publisher housed within a media conglomerate was touting the ways it would use its TV-making or movie-making sister companies to sell books. Fox would boost HarperCollins.... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-17 00:00:00 UTC ]
More news stories like this
Written By: Graeme Neill Publication Date: Thu, 01/09/2011 - 08:51 Readers will be able to download the ebook of Harry Potter and the Philosopher's Stone for free with the limited edition model of the new Sony Reader. Further details have emerged about the Reader, which is set to go on sale in... Continue reading at The Bookseller
[ The Bookseller | 2011-09-01 00:00:00 UTC ]
More news stories like this
Written By: Katie Allen Publication Date: Thu, 18/08/2011 - 15:17 Titan has acquired an accompaniment to the Harry Potter film franchise, which drew to a close this summer with Harry Potter and the Deathly Hallows: Part II. Harry Potter: Page to Screen: The Complete Film-making Journey will... Continue reading at The Bookseller
[ The Bookseller | 2011-08-18 00:00:00 UTC ]
More news stories like this
Scam artists are selling fake early access to the Pottermore Web site or asking for personal data to register an "account." Either way, you're going to be sorry if you interact with them. Continue reading at PC World
[ PC World | 2011-08-05 00:00:00 UTC ]
More news stories like this
Written By: Charlotte Williams Publication Date: Mon, 14/03/2011 - 08:52 United Agents co-founder and children's agent Rosemary Canter died on Friday [11th March]. Canter began her publishing career as assistant fiction editor at Penguin Books in 1972, eventually working in children's book... Continue reading at The Bookseller
[ The Bookseller | 2011-03-11 00:00:00 UTC ]
More news stories like this