A local book publisher is partnering with a New York-based hedge fund on a new venture that will help other book publishers gain better financing opportunities.
Lanham, Md.-based Roman & Littlefield’s distribution arm, National Book Network Inc., is teaming with an undisclosed partner to create Cooper Square Funding Corporation. The venture will allow publishing companies, big or small, to use their backlists, or the catalogue of books they’ve already published, as assets, Roman & Littlefield Chief Executive Officer Jed Lyons said Monday.
Book publishers rarely, if ever, can leverage their backlists, Lyons explained.
Through Cooper Square, companies will have the chance either to sell their backlists for a lump sum, or use them as collateral when trying to gain a loan, he said.
Peter DeAngelo, a former chief financial officer of D.C.-based Regnery Publishing, will become senior vice president of Cooper Square, and manage loans and acquisitions.
Cooper Square is currently in discussion with about a dozen publishers over future deals, Lyons said.
“Small publishers are definitely a sweet spot, but this program would be appropriate for a $100 million publisher as well,” Lyons said.
