Reed's London Coup
Reed Exhibitions has warded off the challenge to its London Book Fair mounted by the Frankfurt Book Fair by signing an agreement to hold the 2007 event at Earls Court April 16—18. The dates and venue are the same as proposed by Frankfurt, but the agreement between Frankfurt and Earls Court had not been signed. The deal with Reed returns LBF to central London after the fair spent one year in the Docklands section of the city, a location that did not sit well with many exhibitors.
March Store Sales Off 3.9%
Bookstore sales fell 3.9% in March, to $1.04 billion, according to estimates from the U.S. Census Bureau. Sales for the entire retail segment were up 8.2%. For the first quarter of 2006, bookstore sales rose 0.7%, to $4.23 billion. Sales for the entire retail segment were up 8.2%.
Intervisual Files Chapter 11
Children's novelty publisher Intervisual Books filed for Chapter 11 bankruptcy protection last week, listing debts of between $1 million and $10 million, with assets in the same range. As a result of the bankruptcy, Charles T. Moffit, a consultant in the Los Angeles area, has been named Intervisual president. Originally founded as a packager of pop-up books, Intervisual is now mainly a publisher through its Piggy Toes Press imprint. Publisher Debra Mostow Zakarin said she still intends to publish 15 to 25 titles this fall.
RH Buys Triumph
The Random House Publishing Group has acquired Triumph Publishing, the Chicago-based publisher of sports books. Triumph will remain in Chicago under the direction of Mitch Rogatz, who will report to Random's Bill Takes, senior v-p, executive director of business operations and new business development.
Sales, Earnings Down at HC
Revenue fell 8% at HarperCollins in the third quarter ended March 31, to $275 million, while operating income fell 13%, to $26 million. Despite the third-quarter decline, revenue for the first nine months of the year was up 1.5%, to $1.06 billion, and profits were ahead 14%, to $173 million. "All things being equal, fiscal 2006 will be an up year," said HC president Jane Friedman. Friedman was a bit guarded about prospects for fiscal 2007. "I have some concern about 2007, but not too much," she said.
Higher Sales, Losses at Audible
Audible revenue jumped 53% in the first quarter ended March 31, to $19.3 million, but the company reported a net loss of $3.0 million in the period compared to net income of $891,000 in last year's first quarter. The loss was due to a 90% increase in expenses, to $23.4 million.
Groban Joins Houghton
Betsy Groban has been tapped as v-p and publisher of Houghton Mifflin's children's book group. Groban will be leaving her post as managing director of the WGBH Educational Foundation. Groban starts June 5 and will be based in Boston. She also worked for Little, Brown and Harper.
Hunt Lands New Gig
After running Emmis Books, which closed its doors recently, Richard Hunt has launched Clerisy Press. The operation, which will be based in Cincinatti, plans to release four titles annually. While Hunt is looking to get his list set for a fall launch, he will also be working to ensure Emmis titles remain in print. PGW will distribute Clerisy titles as well as those published under Emmis.
