Eeew

"Disaster's in the air!"-The Lion King, Can You Feel the Love Tonight? (film version)

Headline: Terrible things happen in publishing! Jobs lost! Houses restructured! Big names step down!

Upside: Only one house has announced it will be acquiring less (Houghton Mifflin) and they seem to be backing away from that stance. Companies are dropping big names and higher payroll numbers first. Shakeups may eventually inject new life into an industry that was getting a bit stodgy in some ways.

Downside: Scary time to be working in publishing. Time to keep your head low, not take risks, and hope to keep your job. They will probably come after the small names and smaller payroll numbers next. Less likely to find someone who'll go out on a limb for you. There will be fewer buyers for books and more competition for jobs.

Upshot: Who knows? Seems like there's going to be a lot of people with a great deal of publishing experience and pull jobless in the near future. I find it hard to believe that these people will remain out of work for too long. It wouldn't surprise me to see new small presses, agencies, or other publishing entities forming within the year. It also wouldn't surprise me if the elimination of some of the more high paying positions in the publishing hierarchy makes room for more people willing to work for a pittance.

Bad time to be looking for a job in publishing? Absolutely. But the industry will recover and as it does, there will be room for new blood. Bad time to be trying to get a book published? Probably. Maybe sit on it for a few months until things calm down. It'll keep.

I have yet to read a comprehensive rundown of what's going on in the industry. When I do, I'll pass it on and give my opinion. In the meantime, stay tuned to the blogs on my sidebar and Publisher's Weekly if you want to enjoy the fun. If not, I suggest hampsterdance as a sunny alternative.