As expected, Houghton Mifflin Harcourt Books & Media will be acquired by News Corp for $349 million in cash and operated as part of HarperCollins. The deal is expected to close in the second quarter, “subject to customary closing conditions, including regulatory approvals.” The announcement indicates that HarperCollins “expects to realize immediate cost savings, accumulating to more than $20 million annually within two years, including manufacturing, distribution and other cost efficiencies. HarperCollins also anticipates revenue synergies by leveraging its global scale and further expanding licensing opportunities.” HMH Books & Media had sales of $192 million in 2020, with net income of […]
