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Paperback Library was started in 1961 by Hy Steirman and Morris Latzen. Steirman had produced the men's magazine Bluebook, and he would later be the publisher at Hastings House. Latzen had published digest-sized novels with Hanro Publications, issuing such imprints as Ecstasy, Venus and Phantom Books (see Kenneth R. Johnson's Digest Index for more info).
In 1970, the company was sold to Warner Books, which is still a major producer of paperbacks today.
Mysteries have been a staple for almost all paperback houses, but Paperback Library produced rather few. However, the company was pretty innovative with a large number of books based on TV series, including the popular soap opera Dark Shadows, as well as western and action/adventure TV shows. Romance offerings tended to be "Gothic Romances," which were growing in popularity very rapidly in the 60's (see my short article about them HERE). They also published a lot of science fiction.
The numbering sequence was sort of screwy. Using prefixes which began in the 50's to designate price, (the 52-series was 50¢, the 53-series was 60¢, etc), the numbers themselves ran in consecutive order until they reached a thousand. Then the prefixes were changed to "60's" and the numbering started over.
The Paperback Library section was updated in August, 2017