The decision by AOL Time Warner to hold on to its book group allows its most prominent distribution client, Hyperion Books, to breathe easier. The Disney-owned publishing unit has signed on for another four years with the group, which Hyperion president Bob Miller said makes him "very relieved."
Miller said that in the period when AOLTWBG was for sale, he had "heard from a number of other possible distributors, three of whom were very seriously interested" in taking on Hyperion. But he said his first choice was always AOLTWBG, and when a sale didn't happen "it took about three seconds [to complete a deal]."
Hyperion's current distribution agreement with AOLTWBG expires March 31, 2004, but company officials said a new agreement had to happen soon because of logistical issues involved with moving books. The arrangement also covers Disney Children's Publishing and Miramax Books. Hyperion has been distributed by AOLTWBG since it was founded 12 years ago.
