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We know libraries are under threat from the culture wars, but few have noticed that private equity is preying for libraries and publishers, too—and using employee ownership to justify it.
This is a super important story—reported by someone I love:)
Library JournalKKR's Ownership of OverDrive Could Raise Questions About Simon & Schuster PurchaseParamount’s announcement in early August of its deal to sell Simon & Schuster to private equity firm Kohlberg Kravis Roberts (KKR) for $1.62 billion includes a significant detail for the library world. KKR already owns OverDrive, the platform used by about 90 percent of public libraries in North America for ebook lending. Simon & Schuster is the second largest publisher after Penguin Random House, with a 12 percent share of the U.S. book market (according to BookScan as of September 20). KKR's potential acquisition of Simon & Schuster will undergo scrutiny from the Department of Justice before proceeding and could raise questions about how Simon & Schuster will do business with OverDrive in the future.
@ntnsndr I wish there were a way to get audiobooks easily without Amazon or OverDrive. Books on tape from the library were great! Maybe I’m just nostalgic