Scholastic to Invest in 9 Story Media Group

Scholastic is making an investment in 9 Story Media Group that will see it acquire 100 percent of the economic interest in the company and a minority of voting rights.

The $186 million deal, subject to customary closing adjustments, solidifies a longtime collaboration between Scholastic Entertainment and 9 Story, which includes the animated series reboot of Clifford the Big Red Dog on PBS KIDS and Prime Video and the production of Eva the Owlet for Apple TV+.

9 Story’s business divisions include the animation studio Brown Bag Films, which has won 21 Emmy Awards and two Oscar nominations; 9 Story Distribution International, the global distribution division representing more than 5,000 half-hour episodes of 2D and 3D animated and live-action programming for kids; and 9 Story Brands, the consumer products division.

“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 CEO. “At its core, Scholastic’s 360-degree content creation strategy is about engaging children with reading, and we have introduced our stories to generations of kids by reaching them where they are. We are thrilled to build upon our more than 20-year relationship with 9 Story’s exceptional management team and employees, whose culture and values could not be better aligned with our own.”

Iole Lucchese, Scholastic’s 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.”

Vince Commisso, president and CEO of 9 Story, said, “We’ve been fortunate to work with Scholastic for decades, going back to my own start with the family-favorite production The Magic School Bus. 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. We’re eager to begin bringing together our complementary talents to enhance Scholastic’s position as a top developer, producer and distributor of kids and family content.”