Toronto-based literary publisher Cormorant Books, has entered into an agreement with Thomas Allen & Son that will see Thomas Allen take over Cormorant’s sales and distribution as of July 1. According to a joint press release, Thomas Allen will also become a minority shareholder in Cormorant.
No staffing changes will be made at either company, but the press release says the new arrangement will allow for “intellectual collaboration” between Cormorant and Thomas Allen Publishers, the publishing arm of Thomas Allen & Son, that will result in “significantly increased visibility in the marketplace.”
Marc CÃ´té, the publisher of Cormorant, bought into the company in 2001, when it was part-owned by the now-defunct Stoddart Publishing. Along with John Pugsley, CÃ´té purchased Stoddart’s shares in December 2002. He is quoted in the press release as saying, “I have long admired [Thomas Allen president and CEO] Jim Allen’s business savvy and [Thomas Allen publisher and editor] Patrick Crean’s editorial vision. The future for Cormorant Books appears very bright, thanks to this new partnership.”
For his part, Crean predicts the new arrangement will have a net benefit for both companies. “In a period of transition in book publishing, this timely alliance will enhance both our lists by creating greater intellectual depth editorially, as well as drawing on a wider range of publishing resources.”
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This post contains material that has been updated. An earlier version of this post misstated the process by which Marc CÃ´té acquired shares in Cormorant Books. Q&Q regrets the error.