Business Services Industry
Bottom Line Decision-Making Puts Book Trade in Bind.
Knight Ridder/Tribune Business News, January, 2003
By Mark Feeney, The Boston Globe Knight Ridder/Tribune Business News
Jan. 25--Last week, the head of one of publishing's most prestigious names, the Random House Trade Group, was unexpectedly fired. The reason: the firm's profits were not meeting financial targets.
This week, it became public that ailing media giant AOL Time Warner wants to shed its publishing unit, comprising Little, Brown & Co. and Warner Books. Together, they make up the nation's fifth-largest publisher of consumer books.
What's going on in the book trade?
"It seems to be a continuation of what we saw in the '90s, when there was rapid consolidation in the industry and much greater emphasis on the bottom line in the book publishing business," says Paul...
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