Borders Approves LeBow Proposals
Borders Group's largest shareholder, Bennett LeBow, cemented his control over the retailer last week when shareholders allowed LeBow's firm, LeBow Gamma Ltd., to acquire 35.1 million shares of the company's stock. LeBow already owns 11.1 million Borders shares, and if he acquires all 35 million shares at $2.25 a share, he would control about 35% of the company. Shareholders also approved a proposal requiring the consent of Le-Bow's firm before changing the CEO or the CFO or their terms of employment.
Major Cuts at Key Porter Books
The financially troubled Toronto-based Key Porter Books imprint is facing a "major restructuring" and has been forced to close its Toronto office and lay off 11 people. The house is moving its operations to the Bolton, Ont., offices of its parent company, H.B. Fenn.
St. Martin's Issues Statement on ‘Dark Heart'
St. Martin's has issued a revised edition of Lt. Col. Anthony Shaffer's Operation Dark Heart after the U.S. government paid $47,500 to destroy all copies of the first edition, claiming the memoir revealed classified information. St. Martin's issued a statement apologizing "for any frustration readers may encounter" in the redacted new edition.
Texas Court Hears Landmark Case
A Texas Appeals Court will decide whether books will get the same First Amendment protections as newspapers in Texas. The case focuses on the book Bulldozed by Carla Main (Encounter Books) and a defamation lawsuit filed by Dallas developer H. Walker Royall, who claims the book defames him and is seeking to ban any further distribution of the book.
Xerox Expands EBM Pact
Beginning in early 2011, Xerox will expand its relationship with print-on-demand publishing and with On Demand Books, creator of the Espresso Book Machine. The Xerox 4112 will continue to serve as printer for the EBM, and Xerox will now market, sell, and lease the now co-branded "Espresso Book Machine, a Xerox Solution." Xerox is expected to significantly expand the market reach of EBM.
Comic-Con Will Stay in San Diego
Organizers of the San Diego Comic-Con International have voted to stay in the city where Comic-Con was launched in 1970. The vote came after a negotiating process that featured campaigns by L.A. and Anaheim to attract the show.
Alyson Becomes E-book House
Unable to sell Alyson Books, Here Media will drop Alyson's print book program and turn the country's oldest gay and lesbian house into an e-book–only publisher. Publisher Don Weise, who has been trying to acquire Alyson, now plans to leave the company.
Rosetta Offers Higher E-book Royalties
E-book house Rosetta Books plans to up its royalty terms, giving authors 50% of net receipts on the first 2,500 copies of the e-books sold, followed by 60% for subsequent copies sold. Rosetta CEO Arthur Klebanoff called the terms the "highest industry standard e-book royalty rate."
Random Hires Ruth Reichl
Former Gourmet editor-in-chief and author Ruth Reichl is joining Random House as editor-at-large. Reichl will acquire books and work with writers; she is also a Random author.