Hachette Book Group calls off deal to buy Perseus

Created: 08/08/2014 7:52 AM

NEW YORK (AP) — Hachette Book Group says it has scrapped its proposed three-way deal that would have had it buying the publishing division of the Perseus Book Group, while selling Perseus' client-service business to leading distributor Ingram Content Group.

Hachette said in a statement Thursday the deal was scuttled after the three sides failed to resolve all the issues needed to complete the complex transaction. The three had jointly announced the deal in June.

Hachette, where authors include James Patterson, J.K. Rowling and Malcolm Gladwell, has been in contentious negotiations with The online company has slowed shipments, reduced discounts and removed pre-order buttons for numerous Hachette releases.

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