Shear Named SMP Publisher
Matthew Shear, senior v-p and publisher for St. Martin's paperbacks and reference group, has been promoted to executive v-p and publisher, extending his responsibilities to overseeing SMP's hardcover program as well. Shear will continue to report to SMP president and publisher Sally Richardson. Macmillan CEO John Sargent said that, while having a structure "with two publishers in the same company is a bit unorthodox, I believe it truly reflects how they work together."
Kindle to Split Bestseller Lists
Beginning in a few weeks, Amazon will split the Kindle e-book bestsellers list into two lists—one for free e-books and one for paid. Amazon's practice of combining the two had drawn criticism from some publishers, who said the list did not reflect what e-books were actually selling the best.
Sales at Lagardère Fall
With sales of Stephenie Meyer titles slowing, revenue at Lagardère Publishing fell 6.5%, to 433 million euros ($551.5 million), in the quarter ended March 31. The decline in the Twilight saga sales impacted not only results in the U.S. but in France and the U.K. as well. Excluding currency fluctuations, sales in the publishing group were down 5.9%. Lagardère reported that sales of e-books soared 368% in the quarter and accounted for 8% of revenue at its U.S. subsidiary, Hachette Book Group USA.
New Deals for Riggios
With a possible showdown with Ron Burkle brewing, the Barnes & Noble board has signed new employment contracts with Len Riggio and Steve Riggio for them to serve as chairman and vice chairman, respectively. Len Riggio has long served as chairman of the book retailer, but did so without a contract. The new agreements are for one year, beginning May 12, and will automatically renew for another year unless either party gives the other party 90 days' written notice.
Although Len Riggio has no severance clause, Steve will be entitled to severance benefits under certain circumstances, including "change in control" of the company, in which case Steve is eligible to receive three times the total of his base salary ($400,000), plus bonus and benefits. In the event Steve Riggio's employment is terminated by B&N without "cause" or he terminates for "good reason," he will be entitled to an amount equal to two times the sum of his annual base salary, bonus, and benefits.
Viz Media Cuts 60
Viz Media, one of the leading publishers of manga in the U.S., eliminated 60 positions last week, approximately 40% of its workforce. Fifty-five jobswere cut at its San Francisco headquarters, and the company closed its five-person New York office. Despite the deep cuts, Viz said it had no plans to cancel products or close business lines.
March Store Sales Up
Bookstore sales rose 1.6% in March, to $1.01 billion, according to preliminary estimates released by the U.S. Census Bureau. For the first quarter of 2010, bookstore sales were up 1.2%, to $4.32 billion. For the entire retail segment, March sales rose 10.8%, and for the quarter were up 6.2%.
'Symbol' Set
Anchor Books will publish Dan Brown's The Lost Symbol in a mass market premium paperback edition on October 19, with a first printing of four million copies.
Correction
Stephenie Meyer's The Short Second Life of Bree Tanner: An Eclipse Novella will go on sale June 5, not June 15, as reported in last week's "Hachette Steps Up" article.
Time with Carol
Actress, comedian, and author Carol Burnett signs her new book, This Time Together: Laughter and Reflection (Harmony), at her local Borders bookstore in Santa Barbara, Calif.
