Fandom Pulse observes that Baen Books appears to be entering its death spiral:
Baen Books built its name by doing what the rest of traditional publishing refused to do: publish military science fiction, hard sci-fi, and unapologetically entertaining genre fiction without a political litmus test. For over four decades, authors like David Weber, John Ringo, and Larry Correia found a home there that didn’t exist anywhere else in New York publishing. Readers showed up in massive numbers. The imprint meant something.
That era is ending.
The more difficult the economy, the more failures of weak, structurally-, and strategically-flawed organizations we’re going to see. Baen Books is not going to be the first publisher to close its doors post-2025, nor will it be the last. In fact, I think there are going to be a number of major shakeups in the publishing industry before 2030.
And the publishers that survive the hard times are going to be the 21st century giants. I don’t think too many people will be surprised when Castalia turns out to be one of them; unlike Baen, we were born in the darkness.