Image: Text Publishing
By Porter Anderson, Editor-in-Chief | @Porter_Anderson
Michael Heyward: ‘The Right Custodian’
Penguin Random House Australia and Text Publishing Company in Melbourne on Thursday (January 24) announced that they’ve signed an agreement under which Text Publishing will join Penguin Random House, the world’s largest trade publishing house. The acquisition includes all of Text Publishing.
Majority-owned by Michael Heyward and Penny Hueston, in partnership with Maureen and Tony Wheeler, the founders of Lonely Planet, Text Publishing is a 35-year-old independent publishing house.
Established in 1990 by Diana Gribble and Eric Beecher, it was initially a joint venture between Text Media and Reed Publishing. Over the years, it has attracted investors including Canongate Books and the Wheelers.
Julie Burland, CEO of Penguin Random House Australia, is quoted on the news of the acquisition, saying, “As long-standing partners, Penguin Random House and Text Publishing know each other well, and have built a relationship based on trust, respect, and shared goals.
Julie Burland
“I’ve always been inspired by the values that drive Text’s success and we deeply admire the legacy that Text Publishing has established in our industry.
“We believe that PRH is uniquely positioned to preserve and honor that legacy with integrity, passion, and vision.”
And in remarks from Text publisher Michael Heyward, we read him saying that having established “an unparalleled space” in Australian publishing, “Now it’s time for a new owner to provide a home for the company’s entrepreneurial energies and its family of brilliant authors.
Michael Heyward
“We’re lucky to have the right custodian in Penguin Random House Australia. We know the key people there very well, have worked with them for many years, and have forged great relationships with them. As we discussed our future together, PRHA has been deeply respectful of the Text legacy.
“We’ve agreed on a charter of independence that will allow Text to retain full publishing control as we continue our work of acquiring, editing, curating, designing, marketing, publicizing, and selling rights in our books.
“Our titles will, as ever, be sold to the Australian New Zealand (ANZ) trade by PRHA. We’ll continue to sell our books in the UK and work with our network of agents around the world.
“I’ve been publisher at Text through five different ownership structures and both Penny Hueston and I are excited about this wonderful opportunity to guarantee the future of the company we have spent so many years building. We’re passionately committed to doing everything we can to allow Text to thrive as a distinctive and integral part of PRHA.
“As we begin a new chapter with Julie Burland and her team, we want to thank Maureen and Tony Wheeler, along with Marcus Fazio, for their staunch support. We want to thank our staff, particularly those remarkable and gifted souls who have been with us for many years. And we want to thank the hundreds of authors who trust us with their books.”
The Wheelers say in a brief statement, “It has been a pleasure and a privilege to be involved with Text,” which they refer to as “Australia’s best publisher and Melbourne’s gift to writers and readers everywhere.”
Some 150 ‘Lost, Out of Print, or Forgotten Books’
In 2012, Text launched Text Classics, a list that has grown to some 150 lost, out-of-print, or forgotten books. Authors published in the Text Classics series include Patrick White, Christina Stead, Henry Handel Richardson, Thea Astley, Miles Franklin, Elizabeth Harrower, and Madeleine St John.
Text publishes authors including Helen Garner, Garry Disher, Michelle de Kretser, Olga Tokarczuk, Barack Obama, Magda Szubanski, Tim Flannery, Kate Grenville, Peter Singer, Raimond Gaita, J.M. Coetzee, Nina Kenwood, Graeme Simsion, Robbie Arnott, Amanda Lohrey, Tyson Yunkaporta, Gail Jones, Nick Cave, Jessica Stanley, Clare Wright, Melanie Cheng, Jennifer Down, Rose Carlyle, James Islington, Sarah Krasnostein, and Sam Neill.
Text’s authors have won or been shortlisted for major prizes including the Nobel, the Booker, the Pulitzer, the Miles Franklin and the Stella. Text has published numerous bestselling books and has sold rights to its titles in dozens of territories.
More from Publishing Perspectives on mergers and acquisitions is here, more on the Australian book market is here, and more on the work of Penguin Random House is here.