Sep 4 2008
I heard that things at Grand Central Publishing wasn’t so good. Authors have left the Warner Forever line (Julie Ann Long, Michelle Rowen to name a couple), there was the big Stephenie Meyer leak, and now it’s COO is leaving to be a “senior executive at the consumer goods packager International Flavors and Fragrances.”
Random House’s exec, Peter Olson, left earlier this year under “mounting pressure in recent months as Bertelsmann’s financial results have been damaged by lower profit at Random House and steep losses in its American book clubs, which he also oversees.” Sales were down 5.6% in 2007 and 8% in the first half of 2008. His replacement removed Ed Volini, deputy chairman and chief operating officer of Random House North America. HarperCollins had a bad quarter and this was suspected to be the reason for Jane Friedman’s so called resignation after presiding over 10 years of record profits.
You have to wonder what else is around the corner for publishing in an era of tightening pocket books, rising fuel prices (which means increased operating costs), and declining readership.