Penguin Random House Exits Self-Publishing Biz, Sells Author Solutions to Private Equity Firm
From The Financial Times
The world’s largest publisher has withdrawn from the self-publishing business, in effect admitting defeat in its controversial attempt to compete with Amazon’s own platform.
Penguin Random House said on Tuesday that it had sold Author Solutions, which allowed writers direct access to publishing tools, to an unnamed affiliate of US private equity firm, Najafi Companies.
Financial terms of the deal were not disclosed, but analysts said the price was likely to be a fraction of the $116m that Penguin paid for Author Solutions in 2012.
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See Also: Author Solutions Sold to Private Equity Firm (via PW)
About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com.