Otto Penzler Investigates the HMH Rumors
Posted on November 26, 2008
The news that Houghton Mifflin Harcout is suspending book acquisitions sent shockwaves throughout the book publishing world. So Otto Penzler decided to find out from the source if the report was true. He was told by a high-ranking HMH executive that the story was overblown and that Penzler could keep acquiring books.
"I was told that it had been blown out of proportion and that there was simply some belt-tightening going on. I asked, 'Does this mean I can keep buying books?' 'Absolutely,' I was told. Penzler says the information came from a high-level Harcourt Houghton executive, whom he declined to publicly name, saying he wanted to preserve the official's privacy.The other rumor making the rounds is that HMH is up for sale and that acquisitions are being slowed in light of that fact. But so far there is no news leaking out if anyone has made a bid for the company.*****
[Harcourt spokesman] Rosenfeld has called the current policy "freeze-lite," although cracks keep appearing. Rosenfeld confirmed that education and children's books are still being acquired, did not dispute Penzler's assertions and added that the "right" book, of any kind, would still be considered. He said talk of a freeze had been taken out of context.
"A headline about a freeze is very appealing but, in reality, all we're doing is taking a good, hard look at everything that comes in, much the way this company is watching all expenses and expenditures," he said. "It's just a higher degree of scrutiny." Asked if agents should continue submitting manuscripts to HMH, Rosenfeld said, "I don't see why not."
