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Three things media publishers still don't know about how the digital future is going to go.

Labels: media, publishing

posted by John Farrell at 11:08 AM

 
Looks like Houghton Mifflin Harcourt's trade division is off the block...for now.

Education Media & Publishing Group, the educational publisher formed by Barry O'Callaghan's leveraged buy-outs of Boston-based Houghton Mifflin and Harcourt, has agreed a refinancing which will lower its debt load and interest bills but heavily dilute equity holders, reports the FT. The refinancing had averted any risk of a Chapter 11 filing, the newspaper adds.

The newspaper also reports that HMH has decided against a renewed attempt to sell its consumer book arm, hoping to use the small division to bolster its core educational publishing business.

The finance agreement will cut EMPG's long-term debt, now standing at about $7.6bn, by more than $1bn and reduce annual interest costs by $100m, in exchange for a 45% dilution of current shareholders.

I'm sure the shareholders are thrilled.

Labels: publishing

posted by John Farrell at 3:14 PM

 
Publishers are growing less tolerant with authors who can't meet their deadlines:

But as book sales fall and publishing houses look for ways to cut costs, many literary agents are growing increasingly worried that publishers looking to trim their lists will start holding authors to deadlines and using lateness as an occasion to renegotiate advances and, in some cases, terminate contracts altogether.

�Publishers are looking at their books and saying, �O.K., this book is two years late. Do we want it anymore?�� said Eric Simonoff, an agent at WME Entertainment. �If the answer is no, they�re saying, �We don�t want it anymore�we�re calling our loan.��

Labels: publishing, writing

posted by John Farrell at 6:04 AM