Publisher Halts Acquisitions

[ysabetwordsmith]

Here's an alarming bit of news from the publishing world:

HMH Places "Temporary" Halt on Acquisitions

It’s been clear for months that it will be a not-so-merry holiday season for publishers, but at least one house has gone so far as to halt acquisitions. PW has learned that Houghton Mifflin Harcourt has asked its editors to stop buying books.

Josef Blumenfeld, v-p of communications for HMH, confirmed that the publisher has “temporarily stopped acquiring manuscripts” across its trade and reference divisions. The directive was given verbally to a handful of executives and, according to Blumenfeld, is “not a permanent change.” Blumenfeld, who hedged on when the ban might be lifted, said that the right project could still go to the editorial review board. He also maintained that the the decision is less about taking drastic measures than conducting good business.

I'm inclined to believe the agents more than the company, because I have heard of this thing before: it's what a publisher or magazine often does in the months or years before folding altogether. That's not a restful thought. At a time when writers, like everyone else, are in desperate need of making more money, the opportunities are drying up. And this is just the public tip of the iceberg: other publishers may well be cutting back quietly.

Does anyone else have additional news on publisher cutbacks?