Public Affairs, which already has a more independent relationship with Perseus Capital than many of the Perseus Book Group's other publishers, is solidifying that position with new outside investment. Fourteen investors—some new, some old—have "increased [their] holding in the company," according to Public Affairs CEO Peter Osnos, who is among the 14. Some of the company's returning investors include Peter Jennings and former C-SPAN chairman Robert Rosencrans. Osnos added that Perseus Capital remains the publisher's largest investor, and that he believes the added money will help strengthen the business in a way that benefits both Public Affairs and Perseus.
The company has also announced a new paperback line, Public Affairs in Paper, which will publish an unspecified number of originals and reprints per season (the latter mostly from its hardcover side), beginning with a reprint of the Andy Rooney title My War. Public Affairs has always done paperbacks, but has often sold its bestsellers; now, just past its five-year anniversary, the company said it is starting to more seriously contemplate backlist. "A lot of times people think that if you want to bring new life to a book you have to sell it to Vintage. We think we can bring new life to the books ourselves," said spokesperson Gene Taft.
Finally, Public Affairs has announced it will promote four employees to the position of vice president, including Taft and Paul Golob, who jumps from executive editor to editorial director. The moves were made, in the words of one official, after Osnos decided "to form more of a structure and define some roles a little more." All will continue reporting to Osnos.
