Deadline’s Mike Fleming first reported in July that Barry Diller and Scott Rudin were in exploratory talks for the e-book business and now it’s official. Rudin and publishing exec Frances Coady have formed a partnership with Diller in a venture called Brightline, the New York Times reports. It will publish e-books and eventually physical books in a partnership with Brooklyn-based publisher Atavist, which has expertise in producing electronic books and articles.
Atavist and Brightline will exchange an undetermined amount of minority equity interests in each other’s ventures, and Diller’s IAC/Interactive will provide $20 million in capital to build out Brightline as a publisher in addition to making investments in Atavist, according to the Times.
Brightline and Atavist will remain separate for the time being and the books will be published under the Atavist name. No author has yet been signed by Brightline.
Related: Barry Diller And Scott Rudin In Talks To Launch E-Book Business
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