Thread by @TheBookMaven

Back! "The defense calls Sally Kim, who is the publisher of Putnam." #DOJvPRH

Another decoder sheet! Cannot wait.

I do like seeing how many witnesses have water bottles. Just plain smart. #DOJvPRH

"How long have you been in a role in which you acquired book rights?"

"About 25 years." #DOJvPRH

Kim's proudest acquisitions include SHARP OBJECTS by Gillian Flynn and THE PROPHETS by Robert Jones, Jr. #DOJvPRH

"What can you tell us about Putnam?"

Founded in 1838 -- the oldest imprint in the industry!! #DOJvPRH

Reputation for big commercial blockbusters, says Kim. She came to Putnam in 2015 to revitalize its list. She's broadened that list by looking for editors who had "strong reputations for books in these categories we were looking to add" #DOJvPRH

"It's forever evolving," says Kim but we have been "really successful" in lit fic/women's fic/narrative nonfic. #DOJvPRH

Shoutouts to THE IMMORTALISTS and SUCH A FUN AGE and THE PROPHETS again (Putnam's 1st NBA nominee since 1989) #DOJvPRH

"Let's talk about the process of acquiring. . . "

Kim says about 80% acquired through one-on-one negotations with agents, the rest "through auctions"

The 80%, says Kim, has to do with their still-"franchise-heavy" list (Sandford, Scottoline, etc.) #DOJvPRH

Kim says "Auctions tend to be emotional and dramatic" and may stick out in people's minds more than they should; she was surprised to see the 20% figure #DOJvPRH

Kim says "we want to buy books that we love, but also books that will fit on our list" so no, Putnam doesn't offer on every book.

Does the number of bidders in an auction affect how Putnam bids? Kim says no, b/c they know it "only takes one passionate editor at another imprint" to win that book away. #DOJvPRH

Kim says that nuances of dealings w/agents can definitely make a difference.

"The goal is always to win the book." #DOJvPRH

TIME TO DRINK: "This is such a relationship business," says Kim. OK, I'm joking and not about Kim, just about the fact that everyone on the stand says this. #DOJvPRH

Whelp, time to talk about WHERE THE CRAWDADS SING. #DOJvPRH

"Just generally, what was the preempt offer?"

Mid-six-figures. #DOJvPRH

Defense is asking if authors/agents ask for marketing plans up front. Kim says she doesn't like to give them, because things can change so much along the way, esp. for nonfic sold on proposal. "Agents. . . understand that books are living, breathing things." #DOJvPRH

Initial run for CRAWDADS was 25K copies.

Is that low?

"It wouldn't have been enough to earn out the advance, I will say," says Kim. #DOJvPRH

"And then Reese Witherspoon picked it for her book club."

Kim says "The book just continued and continued to create more buzz. . . copies sold in the US about 10 million." #DOJvPRH

Kim says books she's passed on include THE GIRL ON THE TRAIN by Paula Hawkins. #DOJvPRH

Defense asks about the acquisition process and what Kim looks for when she wants to buy a book. Mostly repeat content of Bergstrom's explanation yesterday. #DOJvPRH

"Is there a corrolation between the comps you pick and the copies you sell?"

No, says Kim. More confirmation of the guesstimates in publishing. Can't be calculated exactly. #DOJvPRH

Defense asks why Putnam would publish a book with a bad P&L. . . Kim explains scenarios that hinge on transitions, thinking about prestige (award winners), "I'm always thinking about Putnam's reputation in the industry." #DOJvPRH

More about P&Ls: Kim says we put in price, book dimensions, pages, "fields like that." PPD, freight costs, shipping costs, those do not get put in by edit/acquisition. #DOJvPRH

"How common is it for different imprints to value the same book differently?"

Very common, says Kim. #DOJvPRH

"Inevitably, you're going to get a different valuation in the end," says Kim, citing factors including prestige, list fits, and editorial taste.

Does it frustrate Kim to learn she's overpaid for a book?

No, she says. "Ultimately, I'm never going to make an offer I can't live with." #DOJvPRH

Putnam does sometimes offer different royalties, bonuses. . .

Asked to describe bonuses, Kim calls them "a different kind of advance." #DOJvPRH

Bonuses, Kim says, have less to do w/the actual advance and more to do with the agent they're negotiating with. #DOJvPRH

Anything else Putnam does to attract the author/agent?

"We almost always try to meet an author before we make an author," says Kim. She says they're assessing the author and her vision, but "we're also pitching ourselves." #DOJvPRH

Kim mentions the "love letter" that Walsh and Bergstrom also did yesterday as part of the negotiation package. If that doesn't prove the "relational" aspect of publishing, nothing does. . . #DOJvPRH

When author/editor connection is tight it can override higher advances. . . #DOJvPRH

(Kim references "Author G" on decoder sheet)

Kim considers all publishers to be Putnam's competitors. Lightning round of publisher names! #DOJvPRH

Kim says "we actually lose more" to internal PRH imprints #DOJvPRH

Kim mentions Zando and Spiegel & Grau as examples of new imprints with very strong editors at the helm, losing authors to those, demonstrating importance of editors for authors. #DOJvPRH

"To be honest, it's just fun to know who you're up against in auction," says Kim. Now they're talking marketing support again, when plans are made. "Pretty close to publication," says Kim. #DOJvPRH

Defense asking if Putnam ever commits in acquisition process to marketing support. No, says Kim. #DOJvPRH

Decoder list now up. . . Kim talking about these books, how a $50K book was loved so much in house that they decided to put more marketing $ behind it. . . it was chosen for Reese's Book Club. . . $185K on marketing. #DOJvPRH

"The math is not great!" says Kim. Defense asks about P&L that would show that math, brings to Kim. Objection made, "new document." Sustained. Whoops. Delete previous tweet?

NEXT book: $4 million advance, $90K marketing. What did P&L estimate as marketing cost? Kim doesn't have P&L in front of her but says she reviewed that doc on acquisition. #DOJvPRH

P&L was $176K but Putnam spent half that. #DOJvPRH

Another book: $75K advance, $75K marketing "My math is good enough to estimate that's 100%" says Kim.

Still another: One million advance, second book by author, $35K marketing, "Why did Putnam spend so little to market that?" Kim says because author has high profile. #DOJvPRH

Basically: Sometimes the marketing spend is lower than it is on the P&L. #DOJvPRH

Kim is a little rattled (AS I WOULD BE) by reviewing the math. #DOJvPRH

"Are negotiations over a book for more than $250K different for those under?" No

Marketing support different? No

Sales support different? No

AND SO FORTH. #DOJvPRH

Kim says advances have gotten higher, in her experience. Also: Putnam does not plan to bid differently if the merger goes through. #DOJvPRH

Passing to the government, now. Also, Kim is given a binder. #DOJvPRH

Confirming various bona fides about the PRH hierarchy and where Putnam fits therein. #DOJvPRH.

Kim to Held to Dawson to McIntosh. . . #DOJvPRH

Government wants to talk about the performance of books Putnam has published. #DOJvPRH

Government has asked Kim to review an email with attached spreadsheets, email involving PRH finance "numbers people" as she refers to them. #DOJvPRH

Spreadsheets about Putnam Title Profitability #DOJvPRH

Government: "Now we're going to break out the Excels!" He sounds so eager. #DOJvPRH

Sadly the spreadsheet is completely confidential so here goes the game of Guess That Title again. #DOJvPRH

Seven advance levels are indicated on spreadsheet, with $250K being right in the middle. Now we're talking about the number of titles Putnam has published in each level. #DOJvPRH

Government wants to coordinate advance levels with sales numbers. We can't get the exact numbers from these documents. #DOJvPRH

"It is true that sales numbers are lower for the three lowest levels of advances than they are for the top three categories of advances?" Yes, says Kim.

Now government is directing Kim to column about marketing spend per title. Asking if Kim has ever looked at the data about advance amount and marketing spend. Kim says it is interesting to see but that when you drill down, it is still uneven, "every book is different." #DOJvPRH

Kim asks about spreadsheet, number in one column is twice as high as the other. . . says there's a "wide spectrum." #DOJvPRH

Back to a decoder sheet. Books selected (by Kim) are from a five-year period, during which Putnam published over 300 books. "Putnam's testing my math today," says Kim. #DOJvPRH

Government asks Kim to correlate marketing spend to advance and Kim says "It's hard to do that." Did Kim compare these numbers in 2017? For a few, she says. #DOJvPRH

Government asks why Kim said she is always thinking of Putnam's reputation? "Because we want to be known for publishing. . . books of prestige and of quality, books that people are still going to be reading 10, 20 years from now." #DOJvPRH

"Do you think Putnam's reputation is important to its authors"

Kim does. "The want to be part of a list they can be proud of. There does tend to be a correlation of good editors being at good imprints. . . " #DOJvPRH

Government turns to acquisition process, confirming that Kim turns to Held to clear advance offers. Heading into the binder to look at an exhibit that is an email chain about "Book 42" in fall 2020. #DOJvPRH

Email to Ivan Held on October 24, 2020, at 2:36 p.m.: So much specificity! #DOJvPRH

Government asking about agent, whether Kim knows (she does, vaguely), about "best bids" auction. In email, Kim asked Held to authorize up to $350K in case her initially lower bids were matched. #DOJvPRH

"There IS a lot of math today, I apologize" says government. We're still talking about Book 42. BTW, Allison DOBSON not Dawson at PRH. My apologies. #DOJvPRH

A slight lull in the government's questions. Are they as hungry as I am? #DOJvPRH

Talking agent rates. . . now government posits that Kim does not lose to non-big-five pubs more than to big-five pubs but she says she doesn't really track that in that way. #DOJvPRH

"I would say that we lose to Big Five publishers frequently," says Kim, who previously said she doesn't really know how often Putnam loses to non-big-five versus big-five. #DOJvPRH

Impeachment in substance??? Defense objects but is overruled. Because, in a deposition, Kim said that there is one publishers Putnam loses to more than others. #DOJvPRH