MHE Axes 550
As it moves forward in spinning off McGraw-Hill Education into a separate company, the McGraw-Hill Cos. announced plans to cut 10% of MHE’s workforce—about 550 positions—and reduce its executive ranks by 20%. The downsizing is expected to be completed by the end of the year.
Amazon Buys MCCB
Amazon Publishing has agreed to buy Marshall Cavendish Children’s Books. The 450 titles in the list will form the basis for a new children’s book imprint for Amazon Publishing’s New York division.
Amazon Launches KDP Select
Amazon has started a new program designed to woo publishers and authors to participate in its Kindle Owners’ Lending Library. KDP Select will feature a $6 million annual fund “dedicated to independent authors and publishers.” To participate, authors must give Amazon “at least” a 90-day period of exclusive access to their books in the Kindle store.
E-book Price Fixing Probes
The European Commission is looking into possible price fixing between five publishers and Apple over the pricing of e-books under the agency model. The U.S. Justice Department also confirmed it was doing its own investigation.
Lower Forecast From Wiley
Total sales rose 1% at John Wiley in the second quarter ended October 31, but net income declined to $50.8 million, from $53.7 million.
Wiley lowered its sales guidance for the full fiscal year while maintaining its earnings per share forecast.