PW: Abrams Gets Okay to Acquire ST&C

Jim Milliot |

Aug 07, 2000

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Abrams Gets Okay to Acquire ST&C
Jim Milliot -- 8/7/00

Last Monday, the judge overseeing the bankruptcy proceedings of U.S. Media Holdings approved the sale of most of the assets of the company's Stewart, Tabori & Chang and Golden Turtle Press divisions to Harry Abrams. Final price for the assets--which do not include Smithmark Publishers--is expected to be about $6 million. Abrams had emerged as the leading candidate to acquire ST&C following the April Chapter 11 filing of U.S. Media (News, July 31). The deal is expected to close early this week.

Abrams vice-chairman, publisher and editor-in-chief Paul Gottlieb said he was extremely pleased with the purchase. The acquisition will speed Abrams's move into new areas such as gift items, he told PW. Gottlieb said he plans to keep both the name and character of the Stewart, Tabori & Chang imprint. "We are buying an established imprint that is compatible with our own and which I have long admired," he said.

In the near term, ST&C will remain at its present location in New York City, but, Gottlieb explained, staffing and other management decision have yet to be determined. "Our objective was to do the deal fast. They already have a fall catalogue and we wanted to begin selling the titles as soon as possible," Gottlieb said.

The ST&C titles add to Abrams's growing list, which it has augmented by signing three distribution agreements with foreign publishers this year. Abrams is now the U.S. and Canadian distributor for London-based Booth-Clibborn Editions Ltd., as well as the distributor for the Royal Academy of Arts, London. Beginning January 2001, Abrams will take over the distribution of exhibition and collection-based books from the Victoria and Albert Museum in London.
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A version of this article appeared in the 08/07/2000 issue of Publishers Weekly under the headline: