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Corvus has acquired the rights to the first novel in more than 10 years from Waterstone's founder Tim Waterstone.
Atlantic chief executive Toby Mundy bought UK and Commonwealth rights, including Canada, to In for a Penny, in for a Pound on behalf of Corvus via Ed Victor. Primary editor Laura Palmer described it as "a big, absorbing family saga about the struggle for succession in a powerful newspaper dynasty".
She added: "Populated with ruthless bankers, blackmailing journalists and impoverished publishers, it's also a witty take on the cut-throat modern world."
The title focuses on 30-something Hugh Emerson who has his own highly regarded publishing house, which is in serious financial trouble—and is dealing with a tabloid scandal concerning his top-selling author. On trying to find a solution, Emerson becomes embroiled in a world of "devious bankers and blackmailing journalists".
Waterstone has previously written three novels: Lilley and Chase, An Imperfect Marriage and A Passage of Lives all published by Headline, the last of which was released in 1997.
Palmer said: "Unlike his past books, this novel is a kaleidoscope of many real characters and experiences, observed over many years. According to Tim, while running Waterstone's and sitting on the boards of several major businesses, he was dealing with people whose 'lives and behaviour and, often, quite staggering misbehaviour, intrigued and amused me—moved me too'."
Palmer believes that it was the perfect time for Waterstone to share his stories, with the fate of banking, bookselling and journalism under scrutiny. In for a Penny, in for a Pound will be published as a £16.99 hardback on 1st September.