Wiley announced another sizable acquisition, agreeing to pay $175 million in cash to purchase French-based learning solutions provider CrossKnowledge, which focuses on leadership and managerial skills development. The deal is expected to close on May 1. Wiley has been investing heavily in their professional development division, and acquired a related firm, Profiles International, less than two weeks ago. CEO Steve Smith says the two purchases, along with Inscape (which they bought in 2012 for $85 million), “positions us as a leader in the rapidly-growing area of enterprise talent management. In today’s knowledge-based economy, organizations of all different shapes and sizes […]
Finance
Amazon Acquires ComiXology
Just hours after posting ceo Jeff Bezos’ letter to shareholders, Amazon announced after the close of the market on Thursday that it acquired digital comics firm ComiXology, confirming rumors circulating since the beginning of the month. The deal for undisclosed terms — is expected to close in the second quarter of 2014, and the seven-year-old company will keep its headquarters in New York (ComiXology also has offices in Los Angeles and Paris). According to co-founder and ceo David Steinberger, “ComiXology will retain its identity as an Amazon subsidiary and we’re not anywhere near done ‘taking comics further.'” ComiXology offers more than […]
Simply, Liberty Media Took the Money
Liberty Media filed their required disclosure with the SEC subsequent to their previously announced sale of 91 percent of their preferred shares in Barnes & Noble to “qualified institutional investors.” Their motives are pretty clear from the filing: Liberty received $250.7 million for the shares, after investing $204 million in the bookseller in August 2011. They also received 9 or 10 quarters of dividends while holding the preferred shares, good for 7.75% annually — giving them a return of over $80 million, or roughly 40 percent. The timing of the sale took advantage of a brief run-up in Barnes & […]
Liberty Media Backs Away from Barnes & Noble
One-time Barnes & Noble financial savior (and potential acquirer) Liberty Media is moving on, announcing Thursday morning that it is selling the bulk of its preferred shares in the bookseller. Liberty says it “has sold the majority of its shares to qualified institutional buyers” with the sales expected to settle on April 8, while retaining “approximately 10 percent of its initial investment.” The announcement implies that Liberty’s reduced stake may allow for new strategic investors or even another run at taking the company private or splitting it into separate parts. Chairman Len Riggio is attributed in the press release with […]
Cengage Completes Restructuring
Two months after reaching an agreement with its primary creditors and investors, Cengage announced it has completed its financial restructuring, which eliminated $4 billion of its $5.8 billion total debt, and has emerged from Chapter 11 bankruptcy. The remaining debt — which is slightly less than the company’s annual sales of approximately $2 billion — will be addressed in a new round of financing. Though headquartered in Stamford, CT, Cengage has relocated its management team to a Boston office and ceo Michael Hansen tells the Boston Globe they intend to employ about 500 people in the area by the end […]
Hodder Offers to Buy Quercus
Two months after putting itself up for sale, Quercus has found a buyer in Hodder & Stoughton, which has made an all-cash offer of £12.6 million for the publisher. Under the terms of the deal, which is expected to close at the end of April and be finalized by the end of June, Quercus shareholders will be entitled to receive 60p per Quercus share, while Hodder has received “irrevocable undertakings from Quercus shareholders” for a total of 13,492,311 shares, or 65.67 percent of existing share capital. The offer represents a 144.9 per cent markup on the 24.5 share price of […]