Random House Acquires Ten Speed Press, Layoffs Imminent?
From GalleyCat:
Three months after massive restructuring at Random House, the conglomerate has purchased the California-based publisher, Ten Speed Press. Neither company revealed details of the sale, but Ten Speed founder Philip Wood will serve as publisher emeritus of the newly-acquired press, the NY Times reports.
The 38-year-old press publishes about 100 hardcover titles every year, including the recession-proof “What Color Is Your Parachute?” series. The imprint will become part of Crown Publishing Group at Random House.
Executives were frank about upcoming layoffs: “Jenny Frost, president and publisher of Crown, said that there would be some layoffs at Ten Speed as its distribution and warehousing units were consolidated into Crown’s operations. But she said the company planned to retain Ten Speed’s editorial staff in Berkeley.”
Ten Speed employs 100 people and has three imprints of its own: Tricycle Press, Celestial Arts, and Crossing Press, all of which presumably will become part of Crown as well. At this time, it’s unclear how many staffers will be affected by the layoffs.
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