Former MacMillan CEO Napack: Publishing Industry Is Settling Out
After a year that saw a greatly increased amount of financial activity in the publishing industry, the action is about to start slowing down, according to former MacMillan CEO and current senior advisor at private-equity firm Providence Equity Partners Brian Napack.
“It feels like there’s a tremendous amount of change happening,” he said, speaking at the Digital Book World Conference + Expo. “It feels like we’re buffeted with change. But we’re beginning to see the beginning of the end of all that change. We’re starting to see what the industry is going to look like when all is said and done.”
In the past year, a merger was announced between Penguin and Random House, the two largest publishers in the world; Barnes & Noble has received nearly three-quarters of a billion dollars in new investment; HarperCollins acquired Thomas Nelson; and McGraw-Hill sold its education division, to name a few examples of the tumult currently in the industry.