Wiley announced the significant purchase of UK-based Emerald Publishing from Cambridge Information Group in a cash transaction valued at £337 million, or $452 million. The deal brings Wiley over 480 journal brands—giving them a portfolio of approximately 2,500 journals—along with 8,000 book titles and additional content. Wiley indicates it brings additional depth particularly in economics, business, finance, accounting, management, strategy, education, engineering, information and knowledge management, operations, public policy and environmental management. CIG acquired Emerald in 2022, prior to which the publisher was a private, family-run business. Wiley touts the deal as value at seven times adjusted ebitda, inclusive of […]
Finance
PRH Germany Acquires Frechverlag
Penguin Random House Germany has acquired German craft and guidebook publisher Frechverlag from Weka Group. Terms of the deal were not announced. It is subject to antitrust approval and will have “retroactive economic effect as of January 1, 2021,” according to a release. Frech will remain independently operated out of its Stuttgart office. It has approximately 80 employees who will stay at the company, which will continue to be led by Michael Zirn as managing director. “The advice sector is of major strategic importance to us,” PRH Germany ceo Thomas Rathnow stated in a release. “Frechverlag, with its successful programs […]
Hachette UK Acquires Kogan Page
Hachette UK acquired business book publisher Kogan Page, as of April 30. Founded in 1967, Kogan Page has a backlist of over 1,200 titles covering business, management, marketing, human resources, and professional development. The announcement notes that, “Kogan Page complements Hachette UK’s existing strengths and aligns with the longer-term strategy to diversify into specialist areas.” Kogan Page will operate as part of the John Murray Group where it will be maintained as a “distinct publishing brand within the division.” Founder Philip Kogan died in late 2022. In an obituary, the Guardian noted, “Independent of mind and spirit, he was determined […]
Buyer of WH Smith Bookstores Prepares A Restructure to Avoid Bankruptcy of Renamed TG Jones Chain
Modella Capital, the private equity firm that purchased UK retailer WH Smith’s bookstore business last year, is creating a restructuring plan to avoid bankruptcy, the Times of London reports. The plan would close up to 100 of the chain’s 500 stores, which have been renamed TG Jones, and “demand rent cuts,” according to the Times. The proposal is a “cram-down,” which requires the consent of only one class of creditor, but also needs the approval of a judge. Modella must prove that their only other alternative is bankruptcy. The largest creditor is reported to be Secure Trust, which provided a […]
Callaway Attorney Says Company is Looking For a Buyer
At a bankruptcy court hearing on Wednesday, Nicholas Callaway continued to blame other people for his business failure, especially the one entity that was willing to loan him money. Bloomberg reports, “Getting loans from banks or other traditional lenders after the pandemic was difficult, Callaway said. The publisher borrowed $2 million from a foundation, but the loan included onerous terms that contributed to the bankruptcy filing, including a $1 million premium and penalties, he said.” The most recent court filings show a secured lien from the Hoffen Family Foundation, for $1.034 million. Callaway’s current attorney (multiple former attorneys are creditors) […]
Scholastic Buys Back 2.85 Million Shares
Scholastic completed its Dutch auction tender offer, and in a preliminary report, expects to purchase 2.85 million shares at $40 each, totaling $112.1 million before fees and expenses. After the purchase is completed, the company will have 17.9 million outstanding shares, down about 13.7 percent from before the tender offer. Over the past year or so, the company has bought back roughly 10 million shares, or over a third of their stock. And it looks like those purchases will continue, since they had allocated up to $200 million for the Dutch auction, as part of a new board-authorized repurchase authority […]