Egmont Publishing, which at $900 million is the largest division in the Denmark-based Egmont group, employing 2,400 people across 30 countries, has a new strategic focus, which is to invest in books and magazine businesses where Egmont can hold a leading market position. One of the outcomes has been the decision to exit the standalone position in the US market, which they entered in 2008.
Attempts to sell Egmont USA since October 2014 have not resulted in any final agreements. As a consequence, Egmont has decided to close the office, effective from January 31st 2015.
The spring 2015 list will be published and books will continue to be available via Random House.
CEO of Egmont Publishing International Rob McMenemy said, “The reason for closing the US business is that it does not fit with the strategic position of Egmont Publishing only to invest in countries where we can have a market leading position. MD and Publisher Andrea Cascardi and her team in Egmont USA have done a great job and we were hoping to succeed with selling the business, unfortunately this has turned out not to be possible.”
The last day for staff members of Egmont USA will be 30th of January 2015.