Changing Times: Penguin’s profits drop, The Writer is on hiatus & Classics are rewritten

After 125 years, The Writer magazine will cease printing.

Editor Jeff Reich sent an email to his subscribers on Thursday to break the news:“I’m sorry to announce that The Writer magazine will go on hiatus after the October 2012 issue, which is in production now. Kalmbach Publishing Co., which owns The Writer, is currently looking for a buyer for the magazine, and our hope is that The Writer will re-emerge under the careful stewardship of a new owner.”

The Writer magazine was founded in 1887 by Boston Globe reporters Robert Luce and William H. Hills who outlined nine goals for the magazine, including, notably: “To collect and publish the experiences, experiments and observations of literary people, for the benefit of all writers.”

The magazine’s website is still up and running with its huge resources of writing aids, such as writing prompts, tips on getting published,  advice for the many common stumbling blocks of bad writing, and support in not losing hope.

More financial difficulties were met by Penguin in the first half of this year, as reported by the Bookseller. The company is down 4% compared to its sales from the same period last year; however, its e-book revenues are up 33% and now represent almost 20% of its total revenues.

The online magazine GalleyCat maintains that this drop in sales is due to the overwhelming success of Vintage Books’ Fifty Shades of Grey and Scholastic Press’ The Hunger Games.

Looking to the next six months, Pearson, the new parent of Penguin Books, said: “We expect Penguin’s publishing and its competitive performance to be stronger in the second half of the year, and we expect the structural change to continue.” It also said that over the next six months, Penguin will “continue to take action to adapt to the rapidly-changing industry environment”, and will over that period be expensing integration costs associated with its acquisition of Author Solutions. (For more information on that controversial business move, click here).

(Illustration by Dale Stephanos)

It may be a sign of the times, and needless to say, the influence of E.L. James, that even the Classics are getting rewritten for commercial benefit. Sir Arthur Conan Doyle’s A Study in Scarlet, Jules Verne’s Twenty Thousand Leagues Under the Sea (both with gay themes) and Jane Austen’s Northanger Abbey inaugurate the series, titled “Clandestine Classics.” For more, see here.

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