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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In early January, Perseus began discussions with AMS.
“We came up with a pretty unorthodox design, not to buy PGW, but to pay debts that PGW owed to PGW clients that had been cut off by the bankruptcy,” he says. “We would pay a portion of those debts, and in exchange we asked PGW clients to agree to have their agreements assigned to us. It relieved a huge claim from the bankrupted company.”
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Peter Beisser
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