Scholastic Closes 9 Story Investment

Scholastic has closed its previously announced definitive agreement to invest in 9 Story Media Group, acquiring 100 percent of the economic interest and a minority of voting rights in 9 Story for C$250 million ($182 million).

9 Story Media Group will continue to be led by Vince Commisso as president and CEO. Scholastic Entertainment will continue to be led by Iole Lucchese, Scholastic board chair and president of Scholastic Entertainment.

The deal closes after receiving a satisfactory opinion from the Minister of Canadian Heritage with respect to the transaction, in addition to satisfying customary closing conditions.

Peter Warwick, president and CEO 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.”

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 the full IP life cycle by combining Scholastic’s ability to create IP that kids love with 9 Story’s best-in-class ability to produce, distribute and license it. In today’s world, it’s ever more important that we meet kids where they are, and we look forward to expanding our work with our colleagues to bring kids back to our iconic brands and stories.”

Commisso said, “We’re thrilled to start this new chapter and build on our long-standing relationship with Scholastic. Together we will continue to deliver high-quality, engaging content for kids and families, while significantly expanding our joint ability to build franchises on a global scale.”