HarperCollins, one of the five largest publishing companies in the United States, has signed a deal to acquire Houghton Mifflin Harcourt Books & Media, the trade publishing division of Houghton Mifflin Harcourt, for $ 349 million.
The acquisition will help Harper Collins expand its title catalog at a moment of increasing consolidation in the book business. Houghton Mifflin publishes perennial vendors by well-known authors such as JRR Tolkien, George Orwell, Philip Roth and Lois Laurie, as well as children’s classics and best-selling cookbooks and lifestyle guides.
Sale was news First reported by The Wall Street Journal.
By acquiring Houghton Mifflin, HarperCollins, which is owned by Rupert Murdoch’s News Corp, will be able to compete better as the publication is dominated by the biggest players.
The book business has been transformed by consolidation over the past decade Penguin and Random House merge In 2013, News Corp’s Buy romance publisher harlequinAnd hatchet book belongs to the group Acquisition of Perseus Books. Last fall, Viacomcbs agreed Simon & Schuster sells to Penguin Random House For more than $ 2 billion in one deal Detection from antitrust regulators And has raised concern among booksellers, writers and agents.
Book sales in industry Remained strong During the epidemic, but Houghton Mifflin saw a steep decline in its revenue last year as sales declined in its education division. Its revenue fell more than 46 percent in the nine months ended 30 September of the previous year as compared to the same period of 2019. The company put its trade publications division up for sale last fall, as it aims to focus on it. The main business of K-12 educational publishing, and the payment of its debt.
“There is an incredible demand for our expertise for after-school pandemic learning and recovery planning across the country,” Jack Lynch, president and chief executive officer of Haughton Mifflin, said in a news release. “This is a moment of distinction for HMH as a trusted partner for schools and teachers in K-12 education in our country and in advancing learning for every student.”