John Freeman

Literature Prize launches as $60,000 Folio Prize

Literature Prize launches as $60,000 Folio Prize

It's a big day for prize announcements: The Literature Prize announced its formation and sponsor Wednesday at a news conference at the British Library in London. The idea for the prize came into being when a group of British intellectuals took umbrage at the direction they saw the Booker Prize taking -- they saw it leaning toward popular fiction rather than literary fiction.

If only we in America got quite so worked up over big literary prizes not being literary enough.

Born of intellectual frustration, the Literature Prize is no small potatoes: The prize is about $60,000. And it will no longer be called the Literature Prize, which was kind of a placeholder. It's now the Folio...

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