The Canadian Press - ONLINE EDITION

Hachette Book Group buys Perseus Book Group's publishing division

  • Print

NEW YORK, N.Y. - In a three-way deal that would continue a wave of consolidation in the publishing industry, Hachette Book Group has purchased the publishing division of the Perseus Book Group, while selling Perseus' client-service business to leading distributor Ingram Content Group.

Hachette, where authors include James Patterson, J.K. Rowling and Malcolm Gladwell, jointly announced the transaction Tuesday with Perseus and Ingram. The news comes at a time when Hachette is in contentious negotiations with Amazon.com, which has slowed shipments, reduced discounts and removed pre-order buttons for numerous Hachette releases.

Perseus has a wide range of nonfiction imprints and has partnerships with The Daily Beast and The Weinstein Company, among others. Perseus books have included H.G. Bissinger's "Friday Night Lights" and Samantha Power's Pulitzer Prize-winning "A Problem from Hell."

"We're proud and happy to welcome Perseus staff and authors to Hachette Book Group," Hachette CEO Michael Pietsch said in a statement. "This exciting acquisition adds a new program of extraordinary diversity, vibrancy, and strength to HBG's portfolio of publishers. It fits our strategic goals of growth and nonfiction expansion."

The sale of Perseus had been rumoured since company founder Frank Pearl died in 2012. Besides releasing hundreds of books a year, Perseus has also been a top distributor for smaller publishers, with Publishers Group West and Consortium Book Sales & Distribution among its clients.

"As CEO, one of my most critical responsibilities is to forge the right future for our people, our authors, our books and our client publishers," Perseus CEO David Steinberger said in a statement. "We greatly admire Hachette and Ingram as two companies with deep and long-standing commitments to the world of publishing and the written word."

Steinberger is stepping down after the completion of the sale, which is subject to government approval, but will serve as a consultant for Hachette "for a period." The deal is expected to close by July 31.

Hachette's acquisition of Perseus could increase its bargaining position with Amazon, which is reportedly seeking a larger cut of e-book sales and numerous other changes in contract terms.

Tuesday's announcement also continues a series of mergers and purchases over the past two years, including the combining of Random House Inc. and Penguin Group (USA) and HarperCollins' acquisition of the romance publisher Harlequin. Almost exactly one year ago, Disney sold more than 1,000 works published by Hyperion to Hachette, owned by the French conglomerate Lagardere.

Hachette, which reported a drop in sales during the first quarter of 2014, recently announced it was laying off about 3 per cent of its New York staff. Among those let go were Pat Strachan, Tom Wolfe's longtime editor.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Keri Latimer looks for beauty in the dark and the spaces between the notes

View more like this

Photo Store Gallery

  • A Canada goose flies towards the sun near the Perimeter Highway North and Main St Monday afternoon – See Day 10 for Bryksa’s 30 goose project - May 11, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

Should Manitoba support the transport of nuclear waste through the province?

View Results

Ads by Google