This was posted today on KSL.com. I wish I had some interesting insight, but I just found out.
(KSL News) Deseret Book has bought Seagull Book and Tape and Covenant Communications. The merger became final just before 5 o'clock.
A news release states that Lew Kofford, founder of both Seagull and Covenant initiated the deal and will no longer be part of the management team.
Deseret Book has no plans to close any Seagull Book stores and says all existing relationships with authors of both companies will remain.
CEO Sheri Dew says Seagull Book will remain an LDS discount book retailer and Covenant will continue as one of the largest publishers of Latter Day Saint nonfiction, fiction, games, and gifts.