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June 12, 2010

Wiley Commits to Reaching Out to Bloomberg Authors

Hoboken, NJ

On April 29th, Wiley sent out letters to one-hundred-and-seventeen (117) authors.  Of those, a small subset (24) involved any type of “list price” royalty.  The overwhelmingly majority (93) involved “net receipts” royalty terms. 

Of the ninety-three authors with “net receipts royalties” who have responded to Wiley’s contract modifications to date, all have accepted them.  Why?  Because precisely as Wiley’s letter accurately depicted, the royalty calculations will be simplified and royalty payments overall are likely to increase, not decrease, due to factors plainly described in Wiley’s letter to our authors. 

What about the small subset of “list price” authors?   In the existing agreements, royalty rates under the relatively few “list price” contracts are lowered for discounts greater than 50%.  For most of the financial books involved here, the average discount rate is higher than 50%. Therefore, we believe the authors will benefit with the proposed, simplified Wiley terms. 

Wiley is well known for excellent relationships with our authors.  Given the inaccurate information that has been recently disseminated, we will contact the affected authors again to be sure they are not in any way confused.