The Business Daily reports that Longhorn Publishers have acquired the works of iconic educational textbooks writer and publisher, Malkiat Singh. The details of this deal are reported as follows: Longhorn Publishers will pay Singh KES 83 million in cash and annual royalties of about KES 24 million for the next 10 years (12% of yearly sales). The octogenerian Singh is a household name in Kenya’s textbook publishing market, with over 20 titles approved by the State for Primary Education. It is reported that the buyout deal does not include the purchase of Singh’s publishing house, Dhillon Publishers therefore as part of the deal, he is restricted from publishing with Longhorn rivals over the next decade.
While announcing the deal, Longhorn Managing Director Musyoki Muli is reported as saying:
“We will be offering Mr Singh a royalty rate of 12 per cent on net sales which is slightly higher than the average of 10 per cent (….) The publisher was experiencing some challenges in marketing the brand; challenges which we hope to overcome through the rebranding that we have just carried out and backed with vigorous marketing.”
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