Many
a glass of chardonnay has doubtless been raised to the news that widespread
opposition from authors, readers and publishers helped to torpedo
Waterstone�s �96m bid to take over Ottakar�s bookshops.
The Daily Telegraph, however, says
reference to the Competition Commission is a harsh decision, because if you
take account of new realities in the book trade, as represented by the likes
of Tesco and amazon.com, Waterkars� market share would not work out as high
as the 25% which triggers a competition inquiry.
Bookselling is another area where the Internet rewrites the rules. You
underestimate its power at your peril.
Even the mighty Rupert Murdoch can get it wrong, says the Telegraph.
Classified advertising hasn�t dried up � it�s switching from newspapers
to the Web.
ITV has bought the Friends Reunited website. It�s chasing after
high-spending consumers and those aged 16 to 34, who these days are more
likely to go online than switch on the soaps.
And one more thing to spoil the party: �If the publishing houses really
cared about the future of local bookselling,� says the Telegraph,
�they wouldn�t have agreed anti-competitive terms with the
supermarkets. What they are really concerned about it the prospect of [Waterkars]
demanding a similar deal itself. It is pure hypocrisy.�
Disappointed HMV supremo Alan Giles hasn�t given up the quest for
Ottakar�s. Meanwhile, he says, HMV �will continue to maximise shareholder
value in Waterstone�s by focusing on growth opportunities and driving
further operational improvements to the business.�
It�s the kind of business-speak that makes booklovers and authors continue
fear the worst.
