Grove Atlantic to sell shares in Atlantic Books

Atlantic Books' majority shareholder Grove Atlantic Inc (GAI) is to sell a portion of its shares in the independent UK publisher. The new structure will see GAI become a significant minority shareholder in Atlantic, which said this would “confirm its status as a self-standing independent", rather than a subsidiary of its US-based parent.

A raft of changes at Atlantic will also see independent Australian publisher Allen & Unwin becoming what Atlantic described as “a significant new shareholder" in the publisher, while Atlantic said it had also secured “substantial" additional new financing. Part of this will be used to develop its new fiction imprint Corvus, which will increase its publishing programme to 48 titles a year in 2010. Anthony Cheetham took on executive responsibility for Corvus in September. At the time, chairman and publisher Toby Mundy said both he and Cheetham "may invest 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."

Morgan Entrekin, the c.e.o. of GAI, will continue to sit on the board of Atlantic Books, while Ravi Mirchandani has joined the Atlantic board in his current role as editor-in-chief.