TORONTO, Jan. 10, 2012 /CNW/ - Brad Martin, President and Chief
Executive Officer of Random House of Canada Limited, announced today
that Random House of Canada (RHC) has become the sole owner of
McClelland & Stewart (M&S). Established in 1906, McClelland & Stewart
is one of Canada's most revered trade book publishing houses, whose
internationally acclaimed authors include such notable Canadians as
Margaret Atwood, Leonard Cohen, Rohinton Mistry, Farley Mowat and
Michael Ondaatje. We are pleased to note that the needed regulatory
approval has been obtained from the responsible authority.
In 2000, Chairman and sole owner of M&S Avie Bennett donated 75% of M&S
to the University of Toronto and sold the remaining 25% to Random House
of Canada Limited (RHC). M&S retained its editorial autonomy and
independence throughout this eleven-year relationship. RHC has been
providing a range of support services to M&S throughout this period,
including Sales, Production, Human Resources and Accounting.
In recent years, the challenges facing publishers, including a difficult
economy and digital-driven transitions facing the industry, have put
significant pressure on M&S, and it has been experiencing financial
challenges. Brad Martin observes, "We believe with McClelland & Stewart
fully within the Random House of Canada family we will more effectively
be able to meet these challenges to ensure the growth and long-term
stability of this iconic Canadian publisher."
To ensure McClelland & Stewart's ongoing success, RHC has made
significant long-term commitments in undertaking this full ownership.
They include maintaining the publishing program, including the
eponymous McClelland & Stewart imprint and the New Canadian Library,
Emblem Editions, and Signal imprints. RHC will also continue to fund
and support the M&S Poetry program, the publication of The Journey Prize stories, and ongoing support for the Writers Trust Journey Prize.
Random House of Canada is also establishing The McClelland & Stewart
Lecture, an annual event to be held at the University of Toronto, that
will be focused around the advancement of writers and their ideas, a
mandate with which M&S has long been closely identified.
Doug Pepper, President and Publisher of McClelland & Stewart since 2004,
will continue to run M&S, reporting to Brad Martin. He also becomes a
member of the Executive Committee of Random House of Canada Limited.
Ellen Seligman, Executive Vice President of McClelland & Stewart who
has been its highly regarded Publisher (Fiction) for twelve years,
continues in her role.
RHC is also very committed to the growth of M&S's respected Tundra Books
children's imprint. Under the leadership of Managing Director Alison
Morgan and Editorial Director Tara Walker, Tundra Books will be the
Canadian children's publishing program within Random House of Canada,
with Doubleday Canada maintaining its thriving Young Adult publishing
Avie Bennett commented, "Random House of Canada has been a wonderful
partner for McClelland & Stewart for the past eleven years. The
commitments they have made to upholding the tradition of M&S and the
ongoing focus on Canadian publishing assures me that M&S is in good
David Naylor, President, University of Toronto said, "We have enjoyed
our association with McClelland & Stewart and look forward to our
continued association through The McClelland & Stewart Lecture events.
We greatly respect the care and attention with which Random House of
Canada has managed their 25% ownership over the past eleven years and
are confident that Random House of Canada's commitment to McClelland &
Stewart will help it achieve even greater success in the future."
Brad Martin remarked, "Avie Bennett's devotion to McClelland & Stewart
has been a gift to Canadian authors and readers. His contributions to
Canadian publishing and to our literary heritage are unparalleled. I
thank Avie and also the University of Toronto for their stewardship and
commitment to M&S. McClelland & Stewart is one of the world's great
publishers, and we are committed to making it even greater."
SOURCE Random House of Canada Limited
For further information:
Tracey Turriff, Random House of Canada Limited, 416-957-1568 or email@example.com; or
Laurie Stephens, University of Toronto, 416-978-2105 or firstname.lastname@example.org