After offering £12.6 million for the London-based independent publisher, Hodder & Stoughton, a division of Hachette U.K., has moved ahead with its purchase of " Quercus. CEO and cofounder of Quercus Mark Smith will be leaving the company, but aiding in the transition.
Quercus is to become a separate division of Hachette U.K., remaining in its existing offices until Hachette moves to its new location at the beginning of next year. Both Hodder & Stoughton and Quercus reiterated that "all written contracts will be honored."
"I have long admired the exceptional authors at Quercus and its imprints, and the talented team who have created many bestsellers and prize-winners in a relatively short time, and I know my colleagues share my excitement at the potential within the business," said Jamie Hodder-Williams, CEO of Hodder & Stoughton. "Hachette has great resources that can support the creativity and energy within Quercus, and I am greatly looking forward to working with them to help their authors to reach more readers all over the world."
A Hodder spokesperson said no decision has yet been made about the future of Quercus' U.S. office.