Grove Atlantic to sell shares in Atlantic Books

<p>Atlantic Books&#39; 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 &ldquo;confirm its status as a self-standing independent&quot;, rather than a subsidiary of its US-based parent.</p><p>A raft of changes at Atlantic will also see independent Australian publisher Allen &amp; Unwin becoming what Atlantic described as &ldquo;a significant new shareholder&quot; in the publisher, while Atlantic said it had also secured &ldquo;substantial&quot; 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 &quot;may invest in due course&quot;.</p><p>Mundy said: &quot;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 &amp; Unwin and Grove/Atlantic, the finest independent publishers in Australia and the United States.</p><p>&quot;With my outstanding colleagues here, and partners around the world, I think we are well placed for the next phase of the company&#39;s growth.&quot;<br /><br />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.<br />&nbsp;</p>