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Bloomsbury looks to new media
Bloomsbury, the publisher ravaged by a profit warning last December, revealed it is seeking to fill the void left by Harry Potter by creating the MySpace of the books world, reports the Independent. It also intends to step up the pace - and size - of its acquisitions and is looking for companies that will take it into new media markets.
Nigel Newton, the chairman and chief executive, said he was looking for deals in its core markets of the UK, Germany and the US. He said the company was seeking funding from a third party to help it launch a literary alternative to the likes of online communities such as YouTube and Bebo. Bloomsbury has net cash of £24m.
Its shares fell 6¼p to 185¼p, its lowest levels in four years.
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