A long anticipated rival to the UK's Man Booker Prize is now a reality with the announcement that the Literature Prize has a sponsor, The Folio Society, and will thus be known as the Folio Prize.
Literary agent Andrew Kidd conceived of the new prize in 2011 in response to the controversial 2011 Man Booker Prize chaired by Dame Stella Rimington, whose approach was considered as overly populist.
The £40,000 (approx USA $60,000) prize is open to any work of fiction in the English language, irrespective of its country of origin.
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