Hachette, Ingram call off deal to buy Perseus
8 August 2014 Books+Publishing @booksandpublishing
In the US, Hachette and Ingram have confirmed that their agreement to buy the Perseus Books Group (PBG) has been called off. Publishers Weekly quotes a letter sent from Perseus CEO David Steinberger to the company’s employees saying that it ‘could not reach an agreement on everything necessary to close the transaction’. The deal was initially set to be finalised by the end of July. Publishers Weekly speculates that ‘Perseus’s unique position in the book world could have made valuing the company difficult, especially the company’s distribution arm’, noting that ‘there has not been a major sale of a distributor since the beginning of the digital book age’.
Category: International news
