Author Solutions Sued; Gets New CEO
Three authors have filed suit against Author Solutions and its parent company Penguin, alleging that the company is engaged in deceitful, dubious business practices. In separate news, Kevin Weiss, Author Solutions’ CEO, is leaving the company and will be replaced by Andrew Phillips, who is a 10-year Penguin executive.
S&S Sales Down, Profits Up
With litigation and settlement costs connected to the various e-book pricing cases behind it, profits at Simon & Schuster rose 20% in the first quarter, which ended March 31, compared to a year ago, despite a 3% decline in sales. Operating income hit $12 million in the quarter, while sales fell to $171 million from $176 million.
Hachette in E-book Lending Agreement
Following a pilot project, Hachette announced that it will make its full catalogue available to libraries to lend in e-book form.
Macmillan to Pay $26M
In a joint filing last week, attorneys told Judge Denise Cote that they have finalized the agreement between Macmillan and the state and consumer classes to settle e-book price-fixing claims. Among the details: the price tag for Macmillan will actually top $26 million, rather than the $20 million settlement initially announced.