Pearson Reports Non-Specific "Weak eBook Sales" at Penguin Random House
Pearson has released its first quarterly report following PRH signing an agency ebook deal with Amazon (and adopting agency pricing), and it does not sound good.
You can find the press release on the Pearson website. Here’s the relevant section for Penguin Random House:
Penguin Random House had a solid third quarter performance, with the benefit from number one bestsellers which included The Girl on the Train by Paula Hawkins; Harper Lee’s Go Set A Watchman; Grey by E L James; and Lee Child’s Make Me; partly offset by weaker ebook sales. The company continues to make progress with the integration of its businesses, and remains on track to realise benefits in 2016 and in the long term. The fourth quarter will benefit from new fiction, nonfiction, and movie tie-ins across all formats from bestselling and prize-winning authors.
There are no other details mentioned in the publicly available documents.
UK-based Pearson owns a 47% stake in Penguin Random House, which is the largest trade publisher in the US and one of the largest publishing conglomerates in the world. The other 53% is owned by Germany’s Bertelsmann.
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