Hachette Book Group to acquire Workman Publishing
In the US, Hachette Book Group (HBG) will acquire independent publisher Workman Publishing in a US$240 million (A$327m) deal, reports Publishers Weekly.
Workman Publishing, which has about 300 employees across the US, will become HBG’s eighth publishing group, led by Workman Publishing’s current CEO Dan Reynolds. Carolan Workman, executive chair and president of the company—who has led the publisher since the death of her husband and company founder Peter Workman in 2013—will retire following the completion of the deal.
Reynolds told Publishers Weekly that the company, which was founded in 1968, had been looking for a new owner for a few years. ‘Carolan Workman’s #1 priority in finding a new home for the company, even over price, was the security of our employees, and we have found that with Hachette,’ said Reynolds. ‘They understand what makes us tick.’
HBG CEO Michael Pietsch called Workman ‘a brilliant publisher, the most creative in the industry’, adding that, given that most of Workman’s most popular books and products have been developed in-house, HBG would be ‘crazy’ to interfere with the company. ‘They have a unique culture,’ Pietsch said.
The deal is expected to be completed by the end of September. Workman, which publishes the perennially popular ‘What to Expect’ pregnancy and parent series, had sales of US$134 million (A$182.6m) last year.
Category: International news