Sep 4 2008
Publisher Shakeups at Random House and Hachette
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.
Related posts:
Sep 04, 2008 @ 15:22:23
JAL did leave the line, but I haven’t. I am simply writing for more than one publisher now. I have an option proposal due to Forever soon and I have every intention of delivering one.
Sep 04, 2008 @ 16:14:52
I have heard something to the effect about Random House but nothing on Grand Central especially talking to the authors there during the RWA signing.
I hope things perk up for the publishers.
Sep 04, 2008 @ 17:07:31
Friedman’s resignation likely had nothing to do with the numbers; here’s another article about it, both of which say the numbers actually improved under her.
Reply