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Tag: book deal

  • Britney Spears ends protracted battle with her father over conservatorship legal fees

    Britney Spears ends protracted battle with her father over conservatorship legal fees

    Britney Spears and her father Jamie Spears, her former conservator, have settled their protracted legal dispute over the payment of his legal fees and how he managed her finances during her 13-year conservatorship.

    The two parties settled for an undisclosed amount Thursday in Los Angeles County Superior Court after first filing about the issue in December 2021. The settlement helps the 42-year-old pop superstar avoid continued litigation, including a hearing that had been set for May, over her father’s alleged financial misconduct during the controversial legal arrangement.

    The infamous court-ordered guardianship, which was implemented in 2008 after Spears exhibited a spate of erratic behavior, dictated the superstar’s personal and professional life, and controlled her money, for more than a decade. Jamie Spears, 71, served as the conservator of her person and estate for years before resigning as her personal conservator in 2019 over “personal health reasons.” He was removed as a conservator of her estate in September 2021, and the legal arrangement was terminated altogether more than two years ago, but the fallout over accounting issues and legal fees carried on in court until last week.

    “Although the conservatorship was terminated in November 2021, her wish for freedom is now truly complete,” the singer’s attorney, Mathew S. Rosengart, said Monday in a statement to The Times. “As she desired, her freedom now includes that she will no longer need to attend or be involved with court or entangled with legal proceedings in this matter.”

    Rosengart, who changed the trajectory of the Grammy winner’s situation after he was hired as her personal attorney in July 2021, said it has been an “honor and privilege to represent, protect, and defend Britney Spears in that matter.”

    Jamie Spears’ attorney, Alex Weingarten, also confirmed that a settlement had been reached to resolve all outstanding disputes but would not comment on the specifics because the settlement is confidential.

    “At the insistence of counsel for Ms. Spears, the settlement is confidential and I cannot discuss it,” Weingarten said Monday in an email to The Times. “Jamie has nothing to hide and would be happy to disclose everything about every aspect of the conservatorship so that the public knows the actual truth. Jamie loves his daughter very much and has always done everything he can to protect her.”

    Last week, Weingarten told People that Jamie Spears is also “thrilled that this is all behind him,” adding that it is “unfortunate that some irresponsible people in Britney’s life chose to drag this on for as long as it has.”

    Jamie Spears, who had sought court approval for more than $2 million in payments to multiple law firms before officially relinquishing control of his daughter’s finances, also sought fees to be paid to his own attorneys. However, Rosengart objected to the fees, arguing that Britney Spears should not have to pay her father’s legal bills because he had paid himself millions as her conservator, improperly surveilled her and engaged in financial misconduct during his tenure, the New York Times reported.

    Jamie Spears has denied any wrongdoing.

    The “… Baby One More Time” and “Toxic” singer appeared to address the latest legal development on Instagram in a since-deleted post that blasted her parents.

    “My family hurt me !!! There has been no justice and probably never will be !!!” she wrote, according to a screenshot of the Sunday post published by TMZ.

    “The way I was brought up I was always taught the formative of right and wrong but the very two people who brought me up with that method hurt me !!! I am so lucky to be here !!!,” she added.

    Spears, who has long contended that she’s afraid of her father, said she hasn’t told her parents her thoughts face to face. The mother of two also said she misses her home in Louisiana and wishes she could visit but “they took everything.”

    Meanwhile, citing sources with “direct knowledge,” TMZ reported Monday that Spears is in “serious danger” on both the mental and financial fronts, faring far worse than she had been when she was under the control of the conservatorship.

    Rosengart and Weingarten declined to comment on the allegations.

    After the conservatorship ended, the “Mickey Mouse Club” alum wrested back control of her life and narrative and has basked in her newfound freedom, including making moves that have seemingly led to new revenue streams.

    In 2022, the former Las Vegas headliner landed a $15-million book deal that resulted in the publication of her bombshell memoir “The Woman in Me” last fall. The revelatory account — chronicling her early career, romances with Justin Timberlake and Kevin Federline and the conservatorship — was released to much fanfare and impressive sales. It sold more than 1.1 million copies in the United States its first week. In January, Gallery Books, a division of Simon & Schuster, announced that the book had sold more than 2 million copies in the U.S. alone across multiple formats. The audiobook, recited by Oscar winner Michelle Williams, became the fastest selling in the company’s history.

    Hollywood producers, including Brad Pitt, Margot Robbie and Reese Witherspoon, have reportedly also been looking to adapt the book for the big screen.

    Although Spears has largely retreated from her live-performance career, she has been flaunting her freedom and lifestyle on Instagram, posting photos from the various destinations she has traveled to via private jet. She is also presumably enjoying the royalties from her 2022 collaboration with Elton John on “Hold Me Closer,” a reimagining of his 1970s classic “Tiny Dancer.”

    Nardine Saad

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  • With Penguin Random House Out of the Picture, What Happens to Simon & Schuster Now?

    With Penguin Random House Out of the Picture, What Happens to Simon & Schuster Now?

    Simon & Schuster has plenty to be thankful for this Thanksgiving. New books from Bob Dylan and Mike Pence have been lighting up the best-seller lists, as has Jennette McCurdy’s I’m Glad My Mom Died, now enjoying its 14th week in the upper echelons of The New York Times’ top nonfiction releases. That’s to say nothing of Colleen Hoover, the TikTok-propelled book-sales behemoth who has helped make S&S, as one veteran publishing source put it, “by far the most profitable company in the industry.” Hoover’s new novel, It Starts With Us, dropped on October 18, immediately becoming, in the words of CEO Jonathan Karp, a “worldwide publishing phenomenon and #1 bestseller in all of Simon & Schuster’s international territories.” At the time of this writing, it was number one in most-sold fiction on Amazon and number one on the Times’ best-seller list for combined print and e-book fiction, with Hoover continuing to hold the top five slots for paperback trade fiction.

    And yet, despite these successes, and regardless of its market strength—which will no doubt get an extra jolt from the holiday shopping season—S&S is closing out 2022 amid a cloud of uncertainty. Just about two weeks after Hoover’s latest bestseller hit shelves, a federal judge sided with the Department of Justice in its lawsuit to stop the company’s acquisition by America’s largest book publisher, Penguin Random House, a deal that would have turned the nation’s Big Five publishing houses into the Big Four, giving PRH a 49% share of the marketplace. The ruling slammed the brakes on a combo that would have further consolidated the book world, while also demonstrating how the Biden administration isn’t messing around when it comes to antitrust enforcement. “PRH’s acquisition of S&S,” wrote Judge Florence Pan in an 80-page decision issued on Halloween, “is likely to substantially lessen competition [for] ‘the publishing rights to anticipated top-selling books.’ … The government has presented a compelling case that predicts substantial harm to competition as a result of the proposed merger.”

    Any glimmer of hope that a successful appeal might be able to salvage the $2 billion merger evaporated late Monday afternoon, when an SEC filing landed from Simon & Schuster’s parent company, Paramount Global: “Paramount terminated the Purchase Agreement in accordance with its terms. Penguin Random House is obligated to pay a $200 million termination fee to Paramount.” PRH, owned by the German conglomerate Bertelsmann, followed with its own statement: “We did everything possible to complete the acquisition. We believe the judge’s ruling is wrong and planned to appeal the decision, confident we could make a compelling and persuasive argument to reverse the lower court ruling on appeal. However, we have to accept Paramount’s decision not to move forward.”

    Paramount’s termination of the purchase agreement raises the obvious question of where this leaves S&S, which has been grappling with its fate ever since it was put on the block more than two years ago. In a note to employees, Karp sought to allay anxieties: “This news is still fresh, and at this point I have no specific information to impart about what will happen in the coming months. You may read or hear rumors and speculation about our future, but you can be assured that I will keep you informed as soon as there is pertinent news I can share.”

    What now? In a nutshell, it’s back to the old drawing board for Paramount Global, which remains firm in its determination that S&S is a “non-core asset” and “therefore does not fit strategically within Paramount’s broader portfolio” of video-based assets—CBS, Showtime, the former Viacom networks, the Paramount+ streaming service, etc. Even before Pan’s decision came down, Bakish had privately reiterated that Paramount wasn’t having second thoughts about selling S&S, which I’m told will remain a “discontinued operation” in Paramount Global’s quarterly earnings calculations. With the holidays upon us, it will take a bit of time for the M&A process to really get going again. But the company does expect interest, as one source put it, from “a mix of strategic and financial buyers.”

    That’s the jargonistic way of saying there will presumably be interest from “other big publishing companies” and “private equity.” Let’s begin with the latter. It would be a scenario akin to, say, Elliott Management’s 2019 acquisition of Barnes & Noble, which, it’s worth noting, hardly seems like a disaster thus far. Nevertheless, the words private equity are enough to send shivers down the spine of any editorially minded person. PRH argued at trial that if the sale didn’t go through, Paramount might sell to a firm with little publishing knowledge, which would take on debt and “gut” S&S. The judge was unmoved. “Those arguments are not relevant to the Court’s analysis of the government’s claim,” Pan wrote in her decision, noting that “the expressed concerns about a private-equity acquisition are highly speculative.” Who might such an acquirer be, in any case? The Wall Street Journal has reported there’s been interest from KKR, which, as one of my sources noted, could potentially find synergies between S&S and the audiobook business that KKR acquired in 2018, RBmedia.

    As for so-called strategic buyers, those would be Hachette and HarperCollins, whose executives testified during the trial that they’d still like their companies to own S&S. (Both were outbid the first time around.) Each company is smaller than PRH and therefore arguably not as much of a threat to competition. (“What’s the threshold?” one source wondered.) But there’s no guarantee that the DOJ wouldn’t also seek to prevent an S&S-Hachette or an S&S-HarperCollins mash-up. In either scenario, the Big Five would still become the Big Four, and the Biden administration has strongly signaled that it wants less consolidation, not more. All of which is to say that none of Simon & Schuster’s options seem particularly rosy or cut and dried.

    Whatever the future holds, S&S executives will have plenty to toast when they host the company’s holiday party next month. Profits were up 29% year over year for the first nine months of 2022, and sales revenue rose 10% during the third quarter. During the first quarter of the year, Simon & Schuster’s total revenue was up 17%, to $217 million, while operating income rose to $50 million, an 85% increase. In his note to staff on Monday, Karp sounded a note of optimism. “Simon & Schuster has never been more profitable and valuable than it is today,” he wrote. “We’ll be starting the new year with some tremendously exciting, sure-to-be-bestselling titles, which will be buttressed by the sales of what is currently the best-selling backlist in the publishing industry. As I have noted before, we will be celebrating our 100th anniversary in April of 2024, regardless of who our owner is—and we will have much to celebrate.”

    Joe Pompeo

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  • Democrats Keep Falling for ‘Superstar Losers’

    Democrats Keep Falling for ‘Superstar Losers’

    In the early 2000s, the Japanese racehorse Haru Urara became something of an international celebrity. This was not because of her prowess on the track. Just the opposite: Haru Urara had never won a race. She was famous not for winning but for losing. And the longer her losing streak stretched, the more famous she grew. She finished her career with a perversely pristine record: zero wins, 113 losses.

    American politics doesn’t have anyone quite like Haru Urara. But it does have Beto O’Rourke and Stacey Abrams. The two Democrats are among the country’s best known political figures, better known than almost any sitting governor or U.S. senator. And they have become so well known not by winning big elections but by losing them.

    Both Abrams and O’Rourke have won some elections, but their name recognition far surpasses their electoral accomplishments. After serving 10 years in the Georgia House of Representatives, Abrams rose to prominence in 2018, when she ran unsuccessfully for the governorship. O’Rourke served three terms as a Texas congressman before running unsuccessfully for the Senate, then the presidency. And they are both running again this year, Abrams for governor of Georgia, O’Rourke for governor of Texas. They are perhaps the two greatest exponents of a peculiar phenomenon in American politics: that of the superstar loser.

    The country’s electoral history is littered with superstar losers of one sort or another. Sarah Palin parlayed a vice-presidential nomination into a political-commentary gig, a book deal, and a series of short-lived reality-TV ventures. The landslide defeats that Barry Goldwater and George McGovern suffered made them into ideological icons. I’m talking about something a little more specific: candidates who become national stars in the course of losing a state-level race. There have been far fewer of these. There was William Jennings Bryan, who lost a race for the Senate in 1894, then ran unsuccessfully for the presidency three times. And there was the greatest of all the superstar losers, the one-term representative from Illinois whose unsuccessful Senate campaign nonetheless propelled him to the presidency two years later: Abraham Lincoln.

    But never before has such small-scale loserdom so often been sufficient to achieve such large-scale stardom. Apart from Abrams and O’Rourke, there have also been other examples in recent years. Jaime Harrison made an unsuccessful bid for the DNC chairmanship, then an unsuccessful bid to unseat Lindsey Graham in South Carolina, and then a second bid, this time successful, for the DNC chairmanship. MJ Hegar, a Texas Democrat, lost a close House race in 2018, then a not-so-close Texas Senate race in 2020. Amy McGrath likewise used a close loss for a House seat, hers in Kentucky, to launch a Senate campaign against Mitch McConnell that ended in a 20-point loss. This, it seems, is the golden age of the superstar loser.

    Superstar loserdom has not been historically tracked, so it’s hard to say with certainty whether it’s really on the rise. But the general sense among the experts I spoke with was that it is. “I do think it is something that we’ve seen more of,” John Pitney, a political scientist at Claremont McKenna College, told me. Why, exactly, is a complicated question, the answer to which involves various conspiring forces, some technological, some political, some demographic.

    Let’s start with Lincoln. His 1858 Senate race against Stephen Douglas produced some of the most celebrated rhetoric in American political history, but without the advent of shorthand, stenographers could not have taken down the hours-long Lincoln-Douglas debates word-for-word. Without the country’s new railroad and telegraph networks, those transcripts could not have been transmitted all across the country.

    “Earlier in the century, Lincoln couldn’t possibly have become a national figure,” Pitney told me. “He might have made the same brilliant arguments, but nobody outside of Illinois would have ever heard them.” In that sense, his superstar loserdom—and his eventual ascent to the presidency—must be credited as much to the technological advances of the preceding decades as to the power of his speeches.

    The same might be said of today’s superstar losers. Online fundraising platforms such as ActBlue and WinRed give even state-level candidates the ability to draw support from—and build a following among—donors all across the country, a phenomenon that David Karpf, a political scientist at George Washington University, told me has nationalized local and state races.

    Candidates also have other tools to thrust themselves into the spotlight in a way they never have before—cable TV, podcasts, social media. Both Abrams and O’Rourke are skilled at using social media, and he in particular is a master of the viral moment (see his interruption of a press conference that Governor Greg Abbott held after the Uvalde shooting or his recent outburst at a heckler). Even when the campaign ends, no one can stop you from posting. Unlike a generation ago, “there are lots of avenues in the media today for former candidates to keep having their views known and to continue to be a spokesperson,” Seth Masket, a political scientist at the University of Denver, told me. (Neither the Abrams campaign nor the O’Rourke campaign agreed to an interview for this story.)

    It would be wrong, though, to chalk up the staying power of superstar losers entirely to their social-media dexterity or telegenic appeal. In the end, “politics is a lot of What have you done for me lately?” Julia Azari, a political scientist at Marquette University, told me. And both Abrams and O’Rourke are also top-notch party builders. O’Rourke may not have secured a Senate seat in 2018, Azari said, but he has been credited with helping Democrats pick up seats in the Texas statehouse. Abrams, meanwhile, has founded an organization to protect voting rights and raised millions of dollars to organize and register voters. Largely as a result, she has been hailed as the driving force behind Democrats’ 2020 success in Georgia. “Anyone can tweet,” Azari said. “But the two of them behind the scenes, I think, have actually walked the walk and helped other people win, helped other people develop their campaign apparatus.”

    Even though Abrams and O’Rourke have been helpful to their party, the golden age of superstar loserdom is closely tied to our current era of what Azari has called “weak parties and strong partisanship.” For one thing, vilification of the opposition allows challengers to especially despised candidates to quickly become household names. Even in extreme-long-shot races, donors have shown a willingness to pour vast amounts of money into these boondoggles. McGrath burned $90 million on the way to her 20-point loss. Harrison raised $130 million in his Senate race and fared only slightly better. In his contest against Ted Cruz, O’Rourke raised $80 million, including $38 million in a single quarter, the most of any Senate candidate in history—all to no avail.

    Whether because they outperform expectations or because of what they’re up against, these candidates and their supporters are then able to frame the losses as moral victories. Sometimes, as for Abrams supporters, that means framing a defeat as the outcome of an unjust system. Other times, as for O’Rourke supporters, that means framing an unexpectedly good performance in an unfavorable state as a sign of things to come. This, perhaps, is one reason superstar loserdom has so far skewed Democratic, political scientists told me: Democrats desperately want to take advantage of some red states that have been trending purple. Or perhaps the disparity is a product of our post-Trumpian moment. Or perhaps something else entirely.

    For now, polls suggest that things are not looking great for either O’Rourke or Abrams. Superstar-loser status, it seems, does not convert easily into electoral wins. Still, this is likely far from the end of superstar loserdom. Both Abrams and O’Rourke emerged during the 2018 midterms cycle, when Democratic voters energized by opposition to Donald Trump turned out in large numbers to break Republicans’ stranglehold on Congress. This year, Republican voters energized by opposition to Joe Biden will probably turn out in large numbers to break Democrats’ majority in Congress. This election could produce Republicans’ answer to Abrams and O’Rourke. But John James, the Michigan conservative who has made two failed bids for the Senate and was the one contemporary Republican superstar loser political scientists mentioned to me, seems poised to win his congressional race this year.

    A meaningful defeat may be the most Abrams and O’Rourke can hope for: not so much superstar losers as losers with legacies. But losers have a special utility. Winners have to deal with the unglamorous minutiae of actual governance. They have to figure out how to translate campaign promises into concrete policies. They make mistakes, and people get disillusioned, and approval ratings decline. Losers are spared these indignities. Politically speaking, they don’t survive long enough to let anyone down. Unsullied by compromise, losers can be made into lodestars. Look at Goldwater or McGovern. Everyone, it turns out, can get behind a lost cause.

    Jacob Stern

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