Hachette is expected to run the Perseus imprints through another new, separate division though some portions of the list may be allocated to existing HBG divisions. Perseus ceo David Steinberger, who has run the company since the beginning of 2004, is expected to depart after helping with the transition, as will the other two members of senior PBG management, chief marketing officer Rick Joyce and chief operating officer Charles Gallagher. Perseus Distribution Client Services president Sabrina McCarthy will continue to run that business for Ingram.
The complex transaction has been under exploration and negotiation for over two months, but knowledge of the possible transaction had been limited to small, closely-held teams at the companies involved until earlier today -- meaning that you can expect reaction and comment to filter in after everyone has had a chance to digest the details and hear more from the companies. And there have been a number of incorrect stories floating around the rumor mill today. (PL learned of the negotiations some time ago, confirmed by both sides. Consistent with our policies, we agreed not to report on the transaction -- and potentially derail it -- until it was clear a deal would in fact go through, and until papers are signed there remains the possibility of last-minute issues.)