Independent UK publisher Atlantic Books becoming more independent

The Bookseller is reporting that Grove/Atlantic is selling some of its ownership share in independent UK publisher Atlantic Books. After completion of the sale, Grove Atlantic will be "a significant minority shareholder" in Atlantic, while Atlantic will "confirm its status as a self-standing independent", rather than a subsidiary of its US-based parent.

At the same time, Australian publisher Allen & Unwin will become "a significant new shareholder" in Atlantic Books. Additionally, Atlantic said it has secured "substantial" additional new financing, which will be used, in part, to develop its new Corvus fiction imprint (they expect to expand the line to 48 titles a year in 2010). And executive editor Anthony Cheetham and publisher Toby Mundy may both become investors "in due course."

Mundy said "Atlantic Books has prospered within the Independent Alliance and it remains an important part of our world; now the business is strengthened significantly by these new relationships with Allen & Unwin and Grove/Atlantic, the finest independent publishers in Australia and the United States. With my outstanding colleagues here, and partners around the world, I think we are well placed for the next phase of the company's growth."

Related articles previously published on SFSCope:
Tim Powers sells four books to Corvus (13 October 2009)
Publicity Director Rina Gill moving from Century to Corvus (24 September 2009)
Chris Beckett resells The Holy Machine to Corvus, along with a new novel (18 September 2009)