Business
Scholastic Closes Investment in 9 Story Media Group, Award-Winning Creator, Producer and Distributor of Premium Children's Content
Transaction Further Strengthens Scholastic's 360-Degree Content Creation Strategy and Position as a Leading Children's Media Company NEW YORK and TORONTO,
About this update from Scholastic Corporation
[{"type":"text","content":"Transaction Further Strengthens Scholastic's 360-Degree Content Creation Strategy and Position as a Leading Children's Media Company\nNEW YORK and TORONTO, June 21, 2024 /PRNewswire/ -- Scholastic (NASDAQ: SCHL), the global children's publishing, education and media company, today announced that it has closed its previously announced definitive agreement to invest in 9 Story Media Group (\"9 Story\"), a leading independent creator, producer and distributor of premium children's content, after receiving a satisfactory opinion from the Minister of Canadian Heritage with respect to the transaction, in addition to satisfying customary closing conditions.\n\n \n \n \n \n \n \n\n \nThe transaction further enhances Scholastic's development, production and licensing interests, expanding opportunities to leverage its trusted brand and best-selling publishing and global children's franchises to build deeper connections with young people around the world across print, screen and merchandising. Scholastic has acquired 100% of the economic interest and a minority of voting rights in 9 Story for CAD $250 million (approximately USD $182 million) from an affiliate of private equity firm ZMC and other selling shareholders.\n9 Story Media Group will continue to be led by President and Chief Executive Officer Vince Commisso. Scholastic Entertainment (\"SEI\") will continue to be led by Iole Lucchese, Scholastic Board Chair and President, Scholastic Entertainment. \nPeter Warwick, President and Chief Executive Officer of Scholastic, said, \"We are thrilled to add 9 Story's industry-leading children's content production, distribution and licensing capabilities, extensive content library, and highly talented team to Scholastic's portfolio. Together, we can leverage our combined scale to grow Scholastic's children's franchises, drive book sales and create new opportunities to introduce millions of children to our stories. I'm confident that our shared mission and collective expertise will spark innovation and creativity across the entire IP life cycle, supporting our 360-degree content creation strategy and our opportunity to meet the strong demand for high-quality kids and family entertainment.\"\nMs. Lucchese added, \"Building upon the strong foundation we've developed with the 9 Story team over the past 20 years, we're excited to now participate in...