Bertelsmann Slashes More Book Clubs

As rumored a few weeks ago, Bertelsmann announced on July 3th that it will be immediately closing its 1.5-million-member strong Chinese book club business. The Interfax-China article states that the Chinese operations had "huge losses," but that Bertlesmann will be spending $100 million on new initiatives in China, which are expected to include "media services and magazine publication."