HarperCollins to acquire Houghton Mifflin Harcourt trade division
HarperCollins parent company News Corp will purchase the trade publishing division of US publisher Houghton Mifflin Harcourt (HMH) for US$349 million (A$457 million), reports Publishers Weekly (PW).
According to PW HMH Books & Media is considered the sixth largest American trade publisher. HarperCollins CEO Brian Murray told PW that the ‘top attraction’ of HMH is its backlist, as well as the company’s media production operation, which includes licensing and audiobook production.
In late 2020 HMH announced plans to sell its trade division as part of restructuring efforts aimed at accelerating its transition from a print-based publisher to a purely educational publisher. According to PW HarperCollins ‘is in a much better position to exploit HMH rights and content than the trade publisher was able to while part of an educational publishing company’.
‘There is a resurgence in reading and listening to books, and we believe the brilliant HMH Books & Media backlist and first-rate frontlist have an enduring and increasing value,’ News Corp CEO Robert Thomson said in a statement. ‘Timeless writing is a timely source of revenue and the potential to create highly profitable audio and video works flourishes with each passing digital day. The HarperCollins collection will be bolstered for children and young adults, and authors around the world will have a larger platform for their creativity and ingenuity.’
News Corp hopes the purchase will be finalised by 30 June 2021.
Category: International news