Rubin to Holt
Former Random House executive Steve Rubin will join Henry Holt November 2 as president and publisher. Rubin, who served in a number of executive roles at Random including head of Doubleday Broadway, was most recently publisher at large at RH. Dan Farley, who has led Holt since early 2008, will now focus exclusively on the Macmillan Children's Publishing Group, where he has been president and publisher since its inception late last year. Both men will report to Macmillan CEO John Sargent.
McGraw-Hill Education Down
With sales in its school group down 19.6%, to $501.3 million, revenue at McGraw-Hill Education fell 11.6%, to $1.0 billion, in the third quarter, and operating profit decreased 15.9%, to $298.1 million. Sales in the higher education/professional/international group fell less dramatically than the school segment, off 1.8%, to $498.7 million. Foreign exchange rates reduced revenue by $11.4 million and operating profit by $4.9 million. Postponement of a number of major adoptions was cited as the major reason for the decline in the school group. For the McGraw-Hill higher education/professional/international group, growth in the U.S. college and university market was offset by foreign exchange, softness in international markets and continued weakness at bookstores.
For the first nine months of 2009, operating profit at MHE declined 27.4%, to $242.5 million, on a 12.4% decline in sales, to $1.87 billion. Earnings in both 2008 and 2009 include restructuring charges.
Mixed Indigo Results
Revenue rose 1% at Indigo Books and Music in its second quarter ended September 2, rising to C$207 million. Net earnings for the quarter were down, from C$3.2 million last year to C$2.2 million in the most recent period. Indigo attributed the sales increase to the opening of four new superstores; same-store sales at superstores were down 0.9%, while comps at small-format stores fell 2.1%. Sales from Indigo's online channel, chapters.indigo.ca, decreased 5.2% to C$20 million; earnings were hurt by Indigo's investment in its Shortcovers digital initiative.
Hyperion Delays Ray
Hyperion has postponed the publication of two books by self-help author James Arthur Ray, following the author's possible involvement in the deaths of three people and hospitalization of 21 others in a sauna-like sweat lodge at an Arizona resort last month. The house was planning to release a paperback edition of Ray's bestselling Harmonic Wealth: The Secret of Attracting the Life You Want and a new book, The Seven Laws of True Wealth, in December. The books have been postponed until January 2011.
Jones Joins Chronicle
Former Ten Speed Press publisher Lorena Jones has joined Chronicle Books as publishing director. In her new role, Jones will initiate a digital food and drink publishing program, and oversee Chronicle's food and drink list as a whole. Jones will report to Chronicle publisher Christine Carswell.