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Publisher's hot revenue story; Simon & Schuster grows by double digits in flat market, gets respect from owner CBS.(News)
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Crain's New York Business
- Article date:
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June 18, 2007
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Copyright informationCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Matthew Flamm
After a decade as the unwanted child of its corporate parent, Simon & Schuster is finally getting some love.
On an earnings conference call with analysts last month, the publisher's latest guardian, CBS Corp. Chief Executive Leslie Moonves, singled it out with words of approval every division longs to hear: "Simon & Schuster had an incredible quarter.''
In fact, it is having an incredible year. At a time of low growth in the book industry, its revenue rose 27% in the first quarter, to $229 million. With the help of best sellers like Walter Isaacson's Einstein and Rhonda Byrne's self-help compendium The Secret, sales continue to outpace last ...
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