By now, most of you have heard the news that Amazon is acquiring Penguin Random House.
But there’s one company that is making huge money off the deal: Penguin Random-owned imprint HarperCollins.
HarperCollins is the largest imprint in the world, with more than 50,000 titles.
The news came on Tuesday morning.
In a statement, HarperCollins said it is excited about the deal and will continue to collaborate with Penguin on future titles.
The deal was announced on Monday, just days after Amazon made a big splash by acquiring HarperCollins in a $5.4 billion deal.
It will be a major boon for Penguin, which is a subsidiary of HarperCollins Publishers.
Penguin has been working on a new Penguin Penguin imprint, which will include many titles by writers that were not previously available in print.
In a press release, the company announced that the two companies will work together to create “an imprint that will continue the tradition of excellence and innovation that HarperCollins has helped to develop for more than 100 years.”
“HarperCollins has always been about finding the next big thing, whether it be in science, literature, or technology,” said Stephen J. Smith, president and publisher of Harper Collins.
“With this deal, we will continue that commitment to innovation and discovery, as well as offering HarperCollins’ readers a choice in a broad range of titles.
We look forward to working with HarperCollins to bring our authors to life and explore new territory for them in the coming years.”
HarperCollins will continue publishing the best-selling children’s books and classics, including The Jungle Book, The Lion King, The Hunger Games, and others.
“This is an exciting time for all of us at HarperCollins, and the Penguin acquisition is another step toward bringing more books to our readers,” said Julie Bauch, Harper Collins publisher and president.
But the acquisition of HarperCards has not gone unnoticed by the authors who will continue working with Penguin.
In the last few months, authors like Alice Munro, James Patterson, Neil Gaiman, and Ursula K. Le Guin have all signed on to work with HarperCARD.
HarperCARD has a very different approach to publishing.
This is the first time Penguin Random has been able to tap into the power of the publishing industry to produce a great imprint, said Jim Aitken, HarperCard publisher.
I think that this is a big deal, because it will give Penguin an opportunity to build out a much more extensive, long-term imprint.
There is also a very good chance that HarperCARDS imprint will eventually have more than a dozen books published, said Mark Leinberg, publisher and co-founder of Harper Publishing.
For HarperCollins and Penguin Random, this deal is a good opportunity to expand their relationship, said Smith.
“[This deal] is about making sure that all of our books are available in a wide variety of formats,” he said.
“It will also give us a new avenue to publish in other categories, such as audiobooks and children’s.
And there will be some great, great new titles to come out of Harper and Penguin.
I’m looking forward to that.”
Harley’s decision to join forces with Harper Collins comes at a crucial time.
Harper Collins is struggling with dwindling revenue.
Its bookshelves are empty and falling fast.
Harleys decision to go with Penguin Random comes as the company has faced its biggest financial crisis in years.
As of December 31, 2013, the firm had $3.7 billion in cash and equivalents, a loss of more than $900 million.
That number has only grown since then, and now it is approaching $10 billion.
With no more than 20 million copies of the HarperCollins titles available in hardcover, the publisher is facing a severe shortage of titles, including its best-sellers, The Jungle Books, The Leopard and The Raven.
Its biggest competitor, the Harper Collins imprint, has already gone through several expansions.
Earlier this year, Harper-Collins expanded the Penguin imprint by adding two new titles: The Lion and The Elephant and The Princess and the Frog.
At the same time, Penguin Random was able to add The Prince and The Pauper, which debuted in February.
After the Penguin-Harper deals, the publishers said that they will continue developing titles for children.
Meanwhile, the imprints goal is to continue expanding the HarperCARds catalogue.
If HarperCollins continues to build its library, the two publishers said they plan to expand the Harper-CARD library to include titles by a variety of authors, including authors from other imprints.
What is the HarperCollections new imprint?
The HarperCollins imprint is expected to launch sometime in 2017.
And as HarperCollins prepares to celebrate its 20th anniversary, the bookshelved imprint has been slowly