Madeline McIntosh, Nina von Moltke, and Don Weisberg—most recently at Penguin Random House US and Macmillan, respectively—have joined forces to form a new publishing company. As its name implies, the publisher will operate outside of traditional publishing business models, offering no advances but paying authors a high percentage of a book’s profits—a model followed by some other types of hybrid publishers.
Source: Three Publishing Veterans Form a New House, Authors Equity