Bloomsbury to invest in U.S. expansion
Expecting a reported surplus of approximately £50-million ($107-million CAD) by the end of this year, Bloomsbury hopes to reinvest the funds into U.S. expansion, a priority in recent years for the British publisher. Among Bloomsbury’s chief interests is an unnamed U.S. children’s publisher, “but the group admitted yesterday that many potential acquisitions were demanding too high a price,” reports Dan Milmo of the Guardian.
Further plans over the next nine months include the hiring of commissioning editors slated to work out of the company’s New York office. North America generates about 12% of the publishing group’s revenue and its contribution was increased by the $6.5-million (£3.6-million) acquisition of Walker Publishing last year.
The new funds come largely from the colossal sales of the sixth book in the Harry Potter series, Harry Potter and the Half-Blood Prince. Nigel Newton, Bloomsbury’s chairman and chief executive, said that he did not intend to hand the Harry Potter cash windfall back to investors.
Related links:
Click here for the full story from the Guardian
