Penguin Random House Sells Author Solutions

By Maryann Yin Comment

Author Solutions Logo (GalleyCat)Penguin Random House has sold Author Solutions, the self-publishing division, to Najafi Companies, a private investment firm.

The Wall Street Journal reports that neither party has shared the financial terms of this agreement. The deal was closed on Dec. 31. Andrew Phillips, the current CEO of Author Solutions, will stay on in his position.

Here’s more from The Financial Times: “Self-publishing has been growing rapidly, with more authors designing and selling their books without the backing of a traditional publishing house. Author Solutions has sought to capitalise by offering a variety of services to independent authors, including ‘web-optimised’ press releases for $1,299 each. The company was subject to frequent complaints from authors.” (via The Bookseller)