RH Buys Monacelli
Random House has acquired the visual book book publisher Monacelli Press. Founded in 1994 by Gianfranco Monacelli, the press has a backlist of about 250 books on architecture, fine arts, interior design, landscape architecture, photography and graphic design. The company will operate as a stand-alone imprint of Random House Inc., with Gianfranco Monacelli continuing to head the operation from Random House's New York office. Sales and distribution will move from Penguin to Random House July 1.
Follett Buys Varsity
The Varsity Group, which serves as the online bookstore for high schools and small colleges, has agreed to be acquired by Follett Corp. for 20 cents per share, making the value of the deal about $3.9 million. Under terms of the deal, Follett will also take over a $1.8 million line of credit. Christopher Traut, president of Follett, said the addition of Varsity “will help us accelerate Follett's growth” in the online sale of textbooks.
Audible Sales Rise 34%
Audible Inc. reported total revenue of $110 million in 2007, an increase of 34% over 2006. The company had an operating loss of $3.7 million, but due to tax credits it finished the year with net income of $2.4 million. In 2006, Audible had an operating loss of $12 million and a net loss of $8.7 million. The company said it finished the year with 457,000 AudibleListener members, up from 381,000 in 2006.
Siman Resigns From Virgin
Ken Siman has resigned as publisher of Virgin Books USA and will serve as a consultant. Since Siman's appointment in November 2006, the Virgin Book Group has been acquired by Random House Group, RH's U.K. subsidiary. Richard Cable, chairman of Virgin Books, said RH is “absolutely committed to Virgin Books USA,” and said the company is considering “how to best structure the U.S. business.”
Acquisitions Impact Donnelley
In its first full year report since it acquired several competitors, including Banta Corp. and Von Hoffmann, R.R. Donnelley had total revenue of $11.59 billion in 2007, up 24% over 2006. Excluding acquisitions, sales were ahead 2.5%. Operating income, hurt by restructuring and impairment charges, fell to $315.1 million from $750.7 million.
Oxmoor Moving Sales and Marketing
Oxmoor House is moving the sales and marketing functions of its trade operations from California to New York City. As a result, six positions have been eliminated in Oxmoor's Palo Alto offices, although the editorial team remains in place under the direction of Bob Doyle. Sydney Webber, formerly marketing director at Clarkson Potter, has already joined Oxmoor as director of marketing, based in New York.
Quills Suspended
PW's parent company, Reed Business Information, has announced plans to suspend support of the Quill Awards program after a three-year run. As part of the dissolution of the Quills, the remaining Quills Literacy Foundation funds will be distributed to First Book and to Literacy Partners.
Newmarket to Perseus
Newmarket Press is moving its sales and distribution for the U.S. and Canada from Norton to Perseus Distribution. The new agreement will go into effect May 1. Newmarket, founded in 1981, has been distributed by Norton since 1999.
