Adam Davidson in the New York Times: 'When you see a merger between two giants in a declining industry, it can look like the financial version of a couple having a baby to save a marriage. At least that was my thought when Random House and Penguin, two of the world's six largest publishers, announced that they were coming together last month.'
Links of the week November 12 2012 (46)
Our new feature links to interesting blogs or articles posted online, which will help keep you up to date with what's going on in the book world:
19 November 2012
When you see a merger between two giants in a declining industry, it can look like the financial version of a couple having a baby to save a marriage. At least that was my thought when Random House and Penguin, two of the world%u2019s six largest publishers, announced that they were coming together last month. Ever since Amazon began ripping apart the book business, the largest houses have been looking for a way to fight back. If this merger is any indication, they have chosen an old-fashioned strategy: Size.
12 November 2012
Scott Turow, President of the US Authors' Guild says 'There are already far too few publishers willing to invest in nonfiction authors, who may require years to research and write histories, biographies, and other works, and in novelists, who may need the help of a substantial publisher to effectively market their books to readers.'
Survival of the largest appears to be the message here. Penguin Random House, our first mega-publisher, would have additional negotiating leverage with the bookselling giants, but that leverage would come at a high cost for the literary market and therefore for readers. There are already far too few publishers willing to invest in nonfiction authors, who may require years to research and write histories, biographies, and other works, and in novelists, who may need the help of a substantial publisher to effectively market their books to readers.
Ian Jack argues in the Guardian that with Penguin now largely German-owned, English-language publishing is now more than ever a European concern.
Letters arrive by email from two publishers, promising me that things can only get better. Andrew Phillips, the chief executive of Penguin India, writes to say that the intended partnership between Penguin and Random House would "combine the strengths of both companies" while at the same time maintaining the distinctive character of the imprints that shelter under the umbrella of each. Gail Rebuck, Random House's chief executive, hopes I'll be "excited by the news that we are seeking to combine two of the world's leading English-language publishers in a new home that continues to foster creativity, where our imprints will continue to enjoy independence, and our publishers and editors the freedom to decide which books to publish and how best to publish them".