Misplaced Pages

#498501

24-603: The Crown Publishing Group is a subsidiary of Penguin Random House that publishes across several fiction and non-fiction categories. Originally founded in 1933 as a remaindered books wholesaler called Outlet Book Company , the firm expanded into publishing original content in 1936 under the Crown name, and was acquired by Random House in 1988. Under Random House's ownership, the Crown Publishing Group

48-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

72-529: A common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

96-487: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

120-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

144-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

168-462: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

192-960: A useful part of the company that allows every head of the company to apply new projects and latest rules. Harmony Books Harmony Books is an imprint of the Crown Publishing Group , itself part of publisher Penguin Random House . It was founded by Bruce Harris, a Crown executive, in 1972. The imprint has been used for such books as: Harmony Books is currently focused on books about personal transformation , well-being, health, relationships, self-improvement, and spirituality. Books and authors include Master Your Metabolism by Jillian Michaels, Change Your Brain, Change Your Body by Daniel G. Amen , The Dukan Diet , Deepak Chopra , The 4-Hour Workweek and The 4-Hour Body by Timothy Ferriss , eighteen books with Suzanne Somers, Queen Bees & Wannabes and Masterminds & Wingmen by Rosalind Wiseman and multiple books with

216-1002: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

240-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

264-470: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

SECTION 10

#1732772041499

288-519: The 1940s. Other publishers acquired by Crown include Arcadia House; Howell, Soskin; and Julian Press. Clarkson Potter became affiliated with Crown in 1963. Under the direction of Wartels, Alan Mirken, Joseph Reiner and others, Crown Books became one of the Outlet Book Company's lead imprints for original publishing which included such landmark fiction and non-fiction as Judith Krantz 's Princess Daisy , Jean M. Auel 's The Clan of

312-582: The Cave Bear and Alex Comfort 's The Joy of Sex in its early high-profile years. Crown Publishing Group had its headquarters at 225 Park Avenue South in Midtown Manhattan , occupying 80,000 square feet (7,400 m) of space. Random House received the space when it acquired the company. In 1990 Random House signaled intentions to sublease the space. The Outlet Book Company's Crown Books remained an independent company until 1988 when it

336-435: The Crown Publishing Group included Amphoto Books, Bell Tower Press, Orion Books (unconnected to Orion Publishing ), Shaye Areheart, and some related subsidiaries like Gramercy Publishing Company. These have either been discontinued or transferred to other Random House units. Subsidiary The subsidiary can be a company (usually with limited liability ) and may be a government-owned or state-owned enterprise . They are

360-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

384-553: The imprints Crown, Crown Archetype, Broadway Books , Hogarth , Three Rivers Press , and Tim Duggan Books. An illustrated and prescriptive nonfiction group comprises Clarkson Potter, Harmony Books , Rodale Books , and Ten Speed Press (which includes sub-imprints Lorena Jones Books and Watson-Guptill ). A third group collects the business, conservative politics, and Christianity imprints Currency (formerly Doubleday/Crown Business), Crown Forum, Convergent, Image (formerly Doubleday Religion), Multnomah, and WaterBrook. Former imprints of

408-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

432-482: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

456-471: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

480-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

504-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

SECTION 20

#1732772041499

528-518: Was founded in 1933 as the Outlet Book Company by Nat Wartels and Bob Simon. Outlet Book Company began by featuring overstock and remaindered books , but soon moved into reprints of backlist , out-of-print, largely non-fiction titles, then into reprints of bestselling fiction and non-fiction, and eventually into original titles. It was under the Crown name that they began to publish original content in 1936. Crown acquired bankrupt publishers such as Covici-Friede , Henkle-Yewdale, and Robert M. McBride in

552-664: Was operated as an independent division until 2018, when it was merged with the rest of Random House's adult programs. Crown authors include Jean Auel , Max Brooks , George W. Bush , Eitan Bernath , Deepak Chopra , Ann Coulter , Andrew Cuomo , Giada De Laurentiis , Will Ferrell (as fictional character Ron Burgundy ), Gillian Flynn , Jim Gaffigan , Ina Garten , Greg Gutfeld , Mindy Kaling , Rachel Maddow , Jillian Michaels , Barack Obama , Michelle Obama , Theresa Rebeck , Mark Brennan Rosenberg , Judith Rossner , Rebecca Skloot , Suzanne Somers , Martha Stewart , Jonah Goldberg , Michael Jackson and many others. The company

576-764: Was purchased by Random House . In 2008, the Doubleday Business/Currency, Doubleday Religion, and WaterBrook Multnomah divisions were moved from Doubleday to Crown when Doubleday was merged with Knopf . Doubleday Religion was replaced with the Catholic imprint Image in 2011. In 2018, Crown was combined with the main Random House Publishing Group. Following the 2018 reorganization, the imprints that constitute Crown Publishing continued to be tied together into three imprint groups within Random House. The "trade" group includes

#498501