October 23, 2021

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The world’s largest publisher has withdrawn from the self-publishing business, in effect admitting defeat in its controversial attempt to compete with Amazon’s own platform.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.

Read the Complete Article

See Also: Author Solutions Sold to Private Equity Firm (via PW)

About Gary Price

Gary Price (gprice@mediasourceinc.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. Before launching INFOdocket, Price and Shirl Kennedy were the founders and senior editors at ResourceShelf and DocuTicker for 10 years. From 2006-2009 he was Director of Online Information Services at Ask.com, and is currently a contributing editor at Search Engine Land.

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