You are viewing your 1 free article this month. Login to read more articles.
Scholastic has signed a definitive agreement to invest in 9 Story Media Group – a creator, producer and distributor of kids and family-focused content. The publisher will acquire 100% of the economic interest, and a minority of voting rights, in 9 Story, for approximately USD $186m (£145m), subject to customary closing adjustments.
According to the publisher, this investment in 9 Story’s team and production, sales and licensing capabilities “significantly expands Scholastic’s opportunities to leverage its trusted brand, bestselling publishing and beloved global children’s franchises across print, screens and merchandising”. The publisher explained that this move “solidifies” a 20-year collaboration between Scholastic Entertainment, the company’s media development and production division, and 9 Story.
“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 franchises, has tremendous potential to build deeper connections with young people through our stories, as the pages of our books come to life on screens and through merchandising,” said Peter Warwick, Scholastic’s president and chief executive officer.
Iole Lucchese, Scholastic board chair and president of Scholastic Entertainment, added: “By bringing together Scholastic’s knowledge of what kids love and our proven track record of successful media development with 9 Story’s top-rated global production, distribution and licensing capabilities, I am confident we can meet the continued, strong demand for high-quality kids and family entertainment. Today’s announcement presents a huge opportunity to expand the footprint of Scholastic’s authors and illustrators and to build global franchises on every platform, creating more value for the creators and for our shareholders.”
Scholastic Entertainment was rebooted under Lucchese’s leadership in 2017, with the development and production division becoming a profitable business since then.
“The combination of our global studios, sales and distribution capabilities with Scholastic’s existing media business, iconic name and unique capabilities opens even more opportunities to deliver compelling stories and build impactful brands for audiences worldwide,” added Vince Commisso, president and chief executive officer of 9 Story.