As publishing professionals, let’s follow the money. No, let’s fantasize about the money. An 8 @#%* million dollar advance! How many independent publishers can compete with that? It’s a rhetorical question and I assume we all know the answer. Grand Central, formerly part of Time Warner AOL, now part of Hachette, a French based, otherwise referred to as “Freedom,” 10-figure communications conglomerate, won the competition to publish the book. The French have always had a thing for the Kennedys, Jerry Lewis, and the willingness of Americans to bleed out on French soil.

In the days when book publishing assets were actually owned and controlled by the people whose names were on the mastheads, we were all independents. Some were big and some small, but the buck always stopped at the desks of the people who owned the firm and only cared about publishing books.  There’s no way that kind of money would or could have been concentrated on a single acquisition. Banks would not have extended that kind of credit line to even the largest houses, and there were not any multinational conglomerates in command yet to subsidize outsized advances and write-off the subsequent losses.

In less than a generation, a huge dichotomy has developed between the mega houses and everyone else. Except the term “mega” is misleading, because within the body of the conglomerate, the trade book publishing assets may amount to little more than the tip of one small toe nail. The book publishing companies get pulled around and traded like indentured servants. Firms like Grand Central have nothing to say about who owns them or from which nation their flag is planted. Perhaps there’s no reason to care, but most American book publishing assets aren’t domestically owned and haven’t been for years. This isn’t to suggest that the American based editors and other professionals are not entirely dedicated to their craft, but it does mean they ultimately have to answer to powers that would otherwise have nothing to do with the book business or this country. For them, it’s business. So at the end of the day, retiring Presidents and politicians can look forward to trading their connections and influence for multi-million dollar book advances; on the surface, all they have to do is deliver an “acceptable” manuscript. Behind the scenes? Well, what would you do under the radar for 7 to 8 figures?

Let’s go to the proverbial Main Streets, where privately owned publishing companies still exist and often thrive. This is where the real passion for books will be found. The only inhibitors will be poor choices or practices by the proprietors. This is probably not the soil within which the Kennedys and other celebrities will plant their so-called books. But it is where the word “independence” achieves its highest meaning and purpose. If there’s ever a day when conglomerate publishing is entirely controlled by “other” agendas, independent publishing will be here to save everyone.

Posted by: Jeff Herman