News Corp is planning on buying the Books and Media division of Houghton Mifflin Harcourt for $349 million in cash.
The news comes just four days after News Corp shared its plans to acquire Investor’s Business Daily, which will operate as a standalone brand under Dow Jones.
The HMH Books and Media and News Corp deal is expected to close in News Corp’s fourth quarter of fiscal 2021. Under this deal, HMH Books and Media will be run by News Corp subsidiary HarperCollins Publishers.
HMH Books and Media will bring with it more than 7,000 titles including popular backlist titles.
Brian Murray, president and CEO of HarperCollins Publishers said:
“Combining HMH Books & Media’s strong catalog with HarperCollins’s global platform will allow for increased investment in HMH Books & Media’s trade programs and we expect faster growth of the combined companies at a time of rapid growth in book consumption.
“Joining HMH Books & Media’s media productions team and the HarperCollins Children’s global catalog will open up new animation and gaming opportunities as we look to accelerate the expansion of our IP across multiple formats.”
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