hard-cover-books

According to a bankruptcy court filing made this morning, F+W Books has been sold to Penguin Random House. The auction price was $5.6 million.

In March craft and specialty publisher, F+W, filed for bankruptcy citing a decade long decline in the market for print magazine combined with a mismanaged moved into ecommerce for the company’s decline. The company’s assets were set to auctioned off this spring.

F+W was divided into two parts: Communities and F+W Books. The Communities division includes the magazines, websites, membership platforms, online learning, and ecommerce portions of the business. The Books division has now been sold. The auction for the Communities division is set for June 17.

Kerry Bogert, who served until March as the Editorial Director of Interweave Book and Fons & Porter (which had been rebranded as The Quilting Company), says the acquisition could be a positive one. “I think it could be a very strong match. Penguin Random House doesn’t appear to have a really cohesive craft book list and strategy from what I can see. It looks like they mainly have co-editions with Search Press. Acquiring the Interweave list could give them a great foundation and direction moving forward. And it’s such a well-recognized powerhouse of a company. They could do a lot for the craft book authors.”

UPDATED June 24 to add the final auction price.

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