Media Moguls Launch New Publishing Venture
Two power players in the media industry are taking a swing at book publishing.
Scott Rudin and Barry Diller, the entertainment moguls behind new publishing start-up Brightline, told the New York Times that they will collaborate with multimedia storytelling company Atavist to produce both e-books and traditional print books.
Diller's digital conglomerate, IAC/InterActiveCorp, will invest $20 million in both Brightline and Atavist, the creator of a long-form journalism app that Brightline will use as a publishing platform. Brightline and Atavist will exchange an undetermined minority equity interest, notes the article.
Brightline books will be published starting in mid-2013 under the Atavist brand and available on multiple devices, including Apple's iOS, Android, Barnes & Noble's Nook, Amazon's Kindle and Kobo, notes the Brightline announcement.
E-books currently account for more than 15% of publishers' revenue, the Times reports. Online retailer Amazon dominates the market, with about 65% of sales.
"Publishing will change more in the next 10 years than it has in the last hundred," said Diller, former head of Paramount Pictures and Fox Broadcasting, in the announcement.
Another main player in Brightline is longtime publishing executive Frances Coady, named president and publisher of the new company. Film and theater producer Rudin, who has worked with authors like Pulitzer Prize winner Jonathan Franzen, will serve as a principal at Brightline.