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Earthlight, the SF&F imprint of Simon & Schuster, is being closed. People are not happy:
In what they're calling a "sweeping restructuring" of the adult trade portion of the company, pig-ignorant bosses at Simon & Schuster - a large, international, multimedia conglomerate with absolutely no care for anything but the bottom line, obviously - have decided to completely do away with their science fiction and fantasy imprint, Earthlight.

This is part of a wider program of cutbacks:
Simon & Schuster Inc., the book publishing unit of Viacom, plans to chop the number of its new titles each year and ax about 5 percent of its global work force.

The cutbacks amount to 75 of the house's 1,600 employees, and insiders said editorial as well as back-shop operations will be hit.

Charlie Stross comments here:

The real headaches fall on the midlist British writers. People like John Courtenay Grimwood, Ian MacDonald, Mike Cobley, and a bunch of others. They're going to be scrabbling to find new homes, in competition with said reprint rights for the big US reprint names, and it's going to be bloody. Earthlight was one of the big guys, accounting for maybe as much as 20% of the UK's SF/fantasy publishing, and while it's to be expected that the competition will pick up some of the slack, lead times being what they are it will take a couple of years before things get back to normal. In which time, some of the smaller fish will be left gasping on the side of the pool.
...and large Republican donors, incidentally. Hence their whole line of Nancy Drew and Hardy Boys...though those took a sales hit a while back.