Perseus Book Group was founded in 1996 and has been acquiring small imprints to expand their business. Over the course of the last few years the entire publishing industry is consolidating and Perseus was a solid acquisition target. Hachette has announced they are purchasing Perseus and absorbing all of their imprints and then selling the distribution business to Ingram.
Hachette is currently the 4th largest publisher in the US and the absorbing of Persius will boost their annual revenue an extra $700 million dollars. This stems from the many imprints it now owns, such as from Avalon Travel, Basic Books, Da Capo, The Economist, Nation Books, Running Press, Seal Press, Weinstein Books and Westview.
Not only does Hachette get access to all of the current catalog of titles but also access to 6,000 backlist of titles it can now issue as eBooks. These include perennial sellers such as “Friday Night Lights” by Buzz Bissinger and “Skinny Bitch” by Rory Freedman and Kim Barnouin.
Perseus can be considered by some, to be the largest book distributor in the US. Under the terms of the Hachette deal Ingram will absorb the client services division, which provides back-end services like marketing and distribution, to Ingram Content Group.