A New Home For Independent Publishers
Perseus’ David Steinberger on its acquisition of PGW’s roster of publishers and what lies ahead. Perseus Books establishes contracts with bankrupt PGW’s consenting publishers.
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Many independent U.S. book publishers breathed a sigh of relief after a Delaware bankruptcy court ruled in favor of the Perseus Books Group taking control of the distribution contracts for more than 120 clients of the now-defunct Publishers Group West (PGW).
The New York-based Perseus Books offered to pay
70 cents for every dollar of pre-bankruptcy claims owed to publishers who were distributed under PGW, a Berkeley, Calif.-based division of Advanced Marketing Services (AMS). The bid to help bail out AMS from a pile of debt claims was approved by Judge Christopher Sontchi Feb. 19.
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Peter Beisser
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