Hachette buys Perseus Book Group’s publishing division
In the US, Hachette has entered into a binding agreement to buy Perseus Books Group’s (PBG) publishing division, reports Publishers Weekly. PBG, which comprises nine imprints and has partnerships with other media groups, including the Economist and the Weinstein Company, will become a new division at Hachette under long-time PBG executive Susan Weingberg, with plans to move employees from its New York City and Boston offices to Hachette’s offices in the respective cities. In 2014 Hachette and Ingram cancelled a deal to purchase PBG as it ‘could not reach an agreement on everything necessary to close the transaction’. Hachette CEO Michael Pietsch said he sees the purchase as ‘a big step in expanding our range and expertise in a wide number of new nonfiction categories’, adding that he had no plans to make major changes to PBG’s publishing operations. Perseus publishes around 500 new titles annually and has a backlist of approximately 6000 titles. The deal is expected to be closed by the end of March following regulatory approval. Discussions are ongoing about the sale of PBG’s distribution business.
Category: International news