I’ve posted an introduction to my nominee for this round at the LBC. Unfortunately the book didn’t win, but it was still a great read. You’ll have to go to the LBC blog to find out who it is.
Reuters is reporting that several prominent publishers, currently tethered to larger companies and media conglomerates, could be the target of bids from private equity firms looking for the steady cashflow that their backlists would provide. At the top of the list is Penguin, currently owned by Pearson, but News Corp's HarperCollins and CBS's Simon & Schuster could be separated from their parents as well. So far Houghton Mifflin is the only major publisher to have been extracted from its parent (Vivendi in this case) by private equity firms.Is this good news for publishers? Since they're not very profitable, publishers are often forgotten alongside the other holdings of these large media companies. At the same time, however, private equity firms' primary motive would likely be getting a return on their investment, so cost cutting could probably be expected.
Even a New Yorker obsessive like me was surprised to find just how many notable works of fiction and non-fiction made their first appearance in the venerable magazine. Emdashes and her readers have gone to the effort of collecting a list of many such works. It's worth a look as a potential reading list and also just for the "wow factor." Don't forget to check the comments.
HarperCollins, which has been more and more active in many facets of the online world, is rolling out a "virtual book tour" with the BlogHer Advertising Network and Community. With hundreds of blogs in the network, BlogHer represents an ample crop of writers and readers for HarperCollins, which is spurred on by BlogHer's data that among women who read blogs in the network "32 percent spent at least $100 purchasing books online in the past six months." The idea is that HarperCollins will make review copies of several books available for bloggers in the network to read and review "and participate in book title discussions on their own blogs and on BlogHer.org."It all seems like a perfectly reasonable plan to build an Oprah-like grass roots phenomenon, but I have two reservations. First, Oprah doesn't have a special arrangement with any specific publisher, and while there is likely some corporate horse-trading behind the scenes when she makes her picks, at least we know she isn't limited to only talking about selections from a small subset of all the books out there. Secondly, BlogHer operates an ad network. From the press release, it doesn't appear as though HarperCollins will be buying ads through the network, but if that does happen, then this initiative will have crossed a line. Obviously, I have no problem with advertising on blogs and/or getting review copies from publishers, but advertising shouldn't be explicitly tied to an initiative like this.Update: Some of the concerns I raised have been addressed in a followup post.