Penguin Group joins Walden Media

Penguin Group (USA) is allying itself with Walden Media to develop movies and television properties based on its books.

“We’re seeing a lot of new ventures because now, more than ever, content is king when it comes to movies and TV, and nobody has more content than the book world,” said Samuel Craig, director of the entertainment, media and technology program at New York University’s business school. With the book business flat for years, “the challenge for publishers is to find new ways to exploit material they already have, to tap into an entirely new source of revenue beyond book sales,” Craig said.