What the heck?
Apr. 1st, 2004 03:50 pmJust got this in my email (Publisher's Weekly Newsletter.) I'm curious as to how this was "inevitable."
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Penguin and B&N to Swap Businesses
In a move that one insider called "inevitable," Penguin Group USA and Barnes & Noble are swapping substantial parts of their businesses. Under terms of the deal, Penguin is acquiring B&N's superstores and Dalton outlets as well as its online book retailing operations. In turn, B&N is taking over Penguin's extensive publishing program.
B&N is keeping its Sterling subsidiary and B&N-branded publishing operations. It plans to re-brand Penguins books with its B&N Books and B&N Classics imprints.
For its part, Penguin will merge the B&N.com site into its own Web site. It also plans to re-brand B&N superstores as Penguin Books; Dalton stores will become B. Penguin Booksellers.
B&N head Steve Riggio told PW Daily, "This is a beautiful switch. As our own publishing program has increased, we've learned we're pretty darn good at it. And we love the margins! I just hope Penguin as a bookseller doesn't try to squeeze us. Come to think of it, maybe we got the good margins only because we owned the stores and our authors are dead. Uh oh. Can you hold on?"
A Penguin spokesperson said, "This goes to show the lengths to which Penguin will go to guard its franchise."
Insiders say the deal began with a casual conversation between Penguin and B&N executives during one of B&N's many open houses for the media, publishers and competing booksellers. Key players met again the next day, and a deal was concluded within hours.
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Oh, wait. Today is April Fool's day.
Got me. :-)
__________________________________________________________
Penguin and B&N to Swap Businesses
In a move that one insider called "inevitable," Penguin Group USA and Barnes & Noble are swapping substantial parts of their businesses. Under terms of the deal, Penguin is acquiring B&N's superstores and Dalton outlets as well as its online book retailing operations. In turn, B&N is taking over Penguin's extensive publishing program.
B&N is keeping its Sterling subsidiary and B&N-branded publishing operations. It plans to re-brand Penguins books with its B&N Books and B&N Classics imprints.
For its part, Penguin will merge the B&N.com site into its own Web site. It also plans to re-brand B&N superstores as Penguin Books; Dalton stores will become B. Penguin Booksellers.
B&N head Steve Riggio told PW Daily, "This is a beautiful switch. As our own publishing program has increased, we've learned we're pretty darn good at it. And we love the margins! I just hope Penguin as a bookseller doesn't try to squeeze us. Come to think of it, maybe we got the good margins only because we owned the stores and our authors are dead. Uh oh. Can you hold on?"
A Penguin spokesperson said, "This goes to show the lengths to which Penguin will go to guard its franchise."
Insiders say the deal began with a casual conversation between Penguin and B&N executives during one of B&N's many open houses for the media, publishers and competing booksellers. Key players met again the next day, and a deal was concluded within hours.
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Oh, wait. Today is April Fool's day.
Got me. :-)