Revenue, profit down at S&S in 2019
In the US, Simon & Schuster’s (S&S) parent company ViacomCBS has reported that the publisher’s OIBDA (operating income before depreciation and amortisation) fell from US$153 million (A$231.3m) in 2018 to US$143 million (A$216.2m) in 2019, according to Publishers Weekly.
Revenue was also down one percent to US$825 million (A$1.25b). The drop in profits was attributed to a 29% decline in earnings in the fourth quarter of 2019 compared to the previous year, with the absence of a big holiday seller and higher tariffs on books from China contributing to the decline.
Digital sales were up 7% on 2018 figures, with digital audio up 15% and ebook sales up one percent. S&S CEO Carolyn Reidy said international sales were ‘solid’, especially in Canada and Australia, which reported double-digit profit increases thanks to strong local publishing programs.
Category: International news