TODAY'S NEWS

Kensington to Sit Out Smaller BookExpo America
By Jim Milliot
With BookExpo America about two months away, show director Lance Fensterman acknowledged that the number of exhibitors will be down in 2009 from previous years. “We’re trending behind last year,” Fensterman said. “The show will be smaller and tighter, and there will be fewer exhibitors.”

One of the largest publishers to decide not to exhibit at BEA in 2009 is Kensington Publishers. President Steve Zacharius said that given the state of the economy, “we decided it makes more sense to spend our marketing dollars where it will have more of an impact on sales.” Kensington has taken space in the BEA Rights Center and will have staff walking the exhibit floor, Zacharius said, adding that the publisher will also host some cocktail parties. Read on »

Tor Announces Final Book in Robert Jordan Wheel of Time Series
By Lynn Andriani
Tor Books has announced the details on the final book of Robert Jordan’s bestselling Wheel of Time series. The Gathering Storm, book 12 of the Wheel of Time series—and the first of three volumes that will make up A Memory of Light—will go on sale November 3. A Memory of Light, itself a three-volume work, is partially written by Jordan and was completed by Brandon Sanderson, and will be released over a two-year period. Read on »

Bloomsbury's U.S. Division Returns to Profitability
By Jim Milliot
After losing £1.6 million in 2007, Bloomsbury’s U.S. group posted a pre-tax profit of £378,000 last year, the U.K.-based publisher reported this morning. Sales jumped 29%, to £17.3 million ($24.8 million at current exchange rates) on the strength of sales of The Suspicions of Mr. Whicher and The Tales of Beedle the Bard into Canada. Rights and database sales also rose in the year. In early 2008, Bloomsbury laid off seven U.S. employees and appointed George Gibson publishing director.

In the year following the tremendous success of Harry Potter and the Deathly Hallows, Bloomsbury had an expected decline in sales and profits, with revenue off 33%, to £99.9 million, and pre-tax profit declined 34%, to £11.6 million. Still, in his year-end remarks, chairman Nigel Newton said he was pleased with results following the big year of Potter, and noted that efforts continue to reshape Bloomsbury in the post-Potter era. The company bought four publishers last year to expand its specialist publishing segment to complement its trade division, which is now overseen by Richard Charkin. Sales of adult titles rose 17% on a worldwide basis in 2008, to £42.0 million, but without Potter, sales in the children’s group plunged 61%, to 38.3 million.

Back Pages Adds Publishing
by Judith Rosen
Four-year-old Waltham, Mass.-based Back Pages Books is the latest bookstore to announce that it is entering the publishing business. Back Pages Publishers released its first title today, Howard Zinn’s The State of the Union, a 50-page call-to-action based on a talk that the historian gave at the bookstore after the presidential election. Back Pages founder and owner Alex Green said that he was inspired by the Zinn event to return to the tradition of bookstores publishing books. He took Zinn’s talk and edited it into short, easy-to-read sections. Read on »

Pershing Extends Borders
Pershing Square Capital Management is doing everything it can to keep Borders afloat. The chain’s largest shareholder has granted a one-year extension of the $42.5 million senior secured term loan from April 15, 2009 until April 1, 2010. The loan will be extended on its current terms, including an interest rate of 9.8%. At the same time, Borders is allowing its option to “put” its U.K. based Paperchase gifts and stationery business to Pershing Square to expire, a move that will let Borders keep the chain. Borders CEO Ron Marshall said, “The extension of the loan gives us some necessary breathing room, which is important in the current economic environment.”

Blogs

MORE STORIES

Options Round-Up: Film Sales for week of March 23, 2009
This week in PW's round-up of books and manuscripts that have been optioned by studios, producers and other Hollywood players, Tobey Maguire ponies up for Michael Cannell's '60s-set look at Grand Prix drivers and the studio behind Twilight goes to bat for Harry Houdini. Read on »

Job Moves
Todd McGarity has joined Hachette Book Group as v-p, distribution sales & services. McGarity will be responsible for overseeing all relationships with existing distribution services clients as well as working to expand HBG’s distribution business. He will report to COO Ken Michaels. McGarity was most recently the director of client development for Random House.

The PW Morning Report
Revenue Down at Bloomsbury U.K.; Scribd Defends Itself Against Rowling Piracy Charges; Pershing Square Gives Borders Loan Extension; DK in Deal with Gaelic Publisher; and Will Fetters to Adapt The Lucky One for Warner Bros. Read on »

Call for Information: Fall Announcement Listings
The Fall Announcements will appear in the June 29 issue; the deadline for submissions is April 1. The letter requesting publishers' submissions for the Fall Announcement Listings can be found here. If you have questions, email Dick Donahue at ddonahue@reedbusiness.com.

AUTHORS ON THE AIR

Authors on the Air: Michael J. Fox; Darkest Moments in Golf, Survived; Martha Stewart's Encyclopedia of Crafts
Today, Oprah chats with Michael J. Fox, whose Always Looking Up: The Adventures of an Incurable Optimist (Hyperion, 978-1401303389, $25.99; HarperAudio unabridged CD, $29.99) comes out today. Read on »

PICTURE OF THE DAY

Getting 'Brainy' in the Pacific Northwest
Staffers at Pear Press, an indie house based in Seattle, recently celebrated the paperback launch of John Medina's Brain Rules: 12 Principles for Surviving and Thriving at Work, Home, and School. Pictured here (l. to r.) are: Mark Pearson, David Farmer, Mark Menig and Don Gorman. Submit your pictures here »

JOB OF THE DAY

PW VIRTUAL EDITION

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