New York: Upci publishinghouse to sell its publishing house to private equity firm, Reuters
New York (AFP) – A New York publishing house is to sell to a private equity fund for $1.2 billion.
Upci Publishing House (UPH) has been the subject of a number of legal battles over its ownership of some of the world’s biggest online publications.
The publisher has been embroiled in a series of lawsuits by some of its biggest rivals, including Bloomberg LP and the publisher of the New York Times, for the past decade.
“The sale of UPH to a global investment firm is the culmination of a long and difficult legal battle,” the publisher said in a statement.”UPH is the only publisher of its kind in the world that is also owned by its authors.
We are excited to see the impact of this sale on the industry and on the future of publishing.”
The publisher’s previous owners, Hearst, bought it in 2010 for $100 million, but the sale has been a protracted one and the company has lost millions of dollars.
In a letter sent to investors on Tuesday, the publisher’s co-chief executive said the sale was the result of a lengthy legal battle.
“This deal will deliver greater certainty to our authors and to the industry,” said Tom Lipscomb.
“It will ensure that our books continue to be produced by the same team that has produced the best in contemporary publishing for over 50 years.”
The sale is a significant step forward for UPH, which had been trying to sell itself to a new publisher in the US.