The Publishing Industry Has a New Nightmare

Simply put, there are not a lot of big publishing competitors out there, and there are not a lot of different ways for them or their authors to get those books in front of people who might like to buy them. That harms writers, who have fewer suitors to take chances on them and pay them, especially for ideas that are not proven commercial winners. And it harms readers, who have less variety to choose from as publishers tap predictable wells that they think will yield bestsellers.

Book lovers avoided one of the remaining publishing giants falling into the hands of a different publishing giant, but they didn’t exactly get a homey acquisition by a company known for safeguarding books. A private equity firm taking over an enormous legacy publisher is different from another publisher doing it.

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