Mondadori announced Monday that it has a deal to acquire employee-owned Chelsea Green Publishing, for $5 million, subject to adjustment at closing, which is expected in by the middle of the year. For 2022, the publisher had sales of $8.1 million and an operating income of $1.1 million. Chelsea Green will become part of Rizzoli International Publications. Mondadori says that represents “a further step on its international development journey in English-speaking markets, which recently began with the establishment of London-based Rizzoli UK.” When the acquisition is completed, co-founder Margo Baldwin will take the role of publisher emeritus, as Stefano Peccatori […]
Finance
Indigo Accepts Buyout Offer
After receiving a buyout offer from majority shareholders Trilogy Retail Holdings and Trilogy Investments in February, the board of Indigo Books & Music unanimously agreed to the sale at a slightly increased price, the company reports. Trilogy currently owns approximately 60.6 percent of shares, and will acquire the remaining at $2.50 (CA) in cash per share. At the beginning of February, Trilogy had offered $2.25 a share. The price gives Indigo an equity value of about $70 million. “The cash premium transaction will provide Minority Shareholders with immediate and certain value that is expected to be higher than that realizable […]
As Expected, Silver Lake to Take Endeavor Private Again
Endeavor’s controlling owner Silver Lake confirmed on Tuesday that it will take Endeavor private again, but all outstanding stock for $27.50 a share. It took the company multiple attempts to go public in the first place, finally doing so in 2021 at $24 a share. Though Silver Lake’s press release trumpets the value that has been created for shareholders, most outside investors have not reaped any bonanza from Endeavor. The stock was languishing at below $18 a share last fall when the company said it would explore a sale and Silver Lake indicated it was putting together a proposal to […]
Scholastic to Acquire 9 Story Media Group
Scholastic has signed a deal with children’s content creator, producer, and distributor 9 Story Media Group, in which it will acquire 100 percent economic interest in the company, as well as minority voting rights, for approximately $186 million. The two companies have previously collaborated on TV projects including the “Clifford the Big Red Dog” reboot for PBS Kids and Amazon Prime Video and “Eva the Owlet” on Apple TV+. Scholastic ceo and president Peter Warwick said in a release, “This highly strategic combination, adding 9 Story’s industry-leading capabilities with Scholastic’s trusted brand and proven ability to create iconic children’s series and […]
KKR’s “Base Case” Is to Own Simon & Schuster for Five to Seven Years
Bloomberg Television interviewed KKR co-head of global private equity Pete Stavros and Simon & Schuster ceo Jonathan Karp recently. Asked how long KKR plans to own S&S before exiting, Stavros noted, “We’ve owned business for 20 years before. It takes as long as it takes….” Primarily, however, “Our base case would be this is five, six, seven years. We’ve got a bunch of things we want to accomplish. Maybe it becomes a great public company some day; we’ll see. We’re not in a hurry.” Stavros suggested a leaner supply chain is part of their strategy: “Foreacasting demand for a new […]
Acquisitions: Belt Publishing
Arcadia Publishing has acquired midwest publisher Belt Publishing. They write in a release that Belt will maintain editorial independence and publish under its existing brand. Arcadia ceo Brittain Phillips said, “Belt provides Arcadia with two terrific opportunities in one acquisition. It strengthens our local and regional catalog in the Midwest, where Belt has been publishing remarkable books for a decade. And as we look to the future, Belt helps to expand the way we think about local-interest publishing, with new voices and fresh ways to define sense of place.”