From The New York Times:
The Hachette Book Group has reached an agreement to buy the Perseus Books Group’s publishing business, 18 months after its previous attempt to acquire the company fell through.
The new agreement, which was announced on Tuesday, comes six months after Perseus, a large independent publisher, began looking for a buyer again after the first deal with Hachette collapsed.
. . . .
The acquisition will strengthen Hachette’s position in a publishing landscape where the biggest companies often dominate. It is the latest in a wave of consolidations that has swept the industry in recent years, including the 2013 merger of Penguin and Random House, which created a publishing behemoth with about 250 imprints, and the News Corporation’s acquisition of the romance publisher Harlequin for $415 million in 2014.
By buying Perseus’s publishing program, Hachette will fulfill the long-term goal of its parent company, Hachette Livre, which is owned by the French media conglomerate Lagardère, to expand its publishing footprint in the United States. In recent years, Hachette has acquired Black Dog & Leventhal Publishers and Hyperion’s adult books list. The Perseus deal is Hachette’s largest acquisition to date.
. . . .
“They all want more volume, and Perseus is one of the largest trophies out there,” said Mike Shatzkin, the founder and chief executive of the Idea Logical Company, which analyzes the book industry. “If you take the long view, I’d be so bold as to say we’ll have two big trade publishers 10 years from now, and no more.”
Link to the rest at The New York Times and thanks to Deb for the tip.
PG says this will almost certainly mean layoffs at Perseus. Some Perseus authors will likely lose their editors and find their books effectively become orphaned in the process.