Hachette Book Group has announced that it is to acquire Workman Publishing, an independent publisher in the US, for $240m (£174m).
Workman Publishing, known for What to Expect When You’re Expecting, will become HBG’s eighth publishing group, comprising the imprints Workman, Algonquin, Algonquin Young Readers, Artisan, Storey Publishing, and Timber Press. The new group will be lead by c.e.o. of Workman Dan Reynolds, who will report to HBG c.e.o. Michael Pietsch and will join HBG’s executive management board. Carolan Workman, executive chair and president of Workman, will retire at the close of the transaction.
In making the announcement, Pietsch said: “We have admired Workman for decades, marveling at the spirit of innovation that drives their business, their strong brand franchises, their focus on backlist, the work culture they have nurtured, and the outstanding reputation they have established among authors, agents, booksellers, and the media. I could not be more thrilled to welcome Workman’s incredibly talented employees and their brilliant authors and illustrators to Hachette. The Workman program will powerfully complement HBG’s existing publishing programs, and this acquisition will unlock new opportunities for growth in exciting directions.”
Workman added: “When Peter Workman launched our quirky little company over a half-century ago, it marked the beginning of a bold and joyful voyage. All these many years later, when I recognized that the time had come for Workman to have a new home, my first and foremost goal was to find a place where Workman’s unique culture could prosper long into the future, a place where we could nurture and protect our greatest assets: our authors, illustrators, and, most of all, our amazingly wonderful staff. I am so happy to be joining with Hachette. They clearly respect not only what we are but who we are. I truly believe that our two companies will thrive together in this partnership.”
Reynolds said: “Workman is defined by the brilliant leadership of Peter and Carolan Workman, and I am grateful that their work and, most importantly, their values will live on under new ownership. As I’m getting to know Hachette and their leadership team, I am ever more confident Workman will not only prosper in the days and years to come but remain an innovative leader in book publishing.”
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