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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
Peter Warwick, president and CEO of Scholastic, said, \u201cWe are thrilled to add 9 Story\u2019s industry-leading children\u2019s content production, distribution and licensing capabilities, extensive content library, and highly talented team to Scholastic\u2019s portfolio. Together, we can leverage our combined scale to grow Scholastic\u2019s children\u2019s franchises, drive book sales and create new opportunities to introduce millions of children to our stories. I\u2019m 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.\u201d<\/p>\n
Lucchese added, \u201cBuilding upon the strong foundation we\u2019ve developed with the 9 Story team over the past 20 years, we\u2019re excited to now participate in the full IP life cycle by combining Scholastic\u2019s ability to create IP that kids love with 9 Story\u2019s best-in-class ability to produce, distribute and license it. In today\u2019s world, it\u2019s 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.\u201d<\/p>\n
Commisso said, \u201cWe\u2019re 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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 for C$250 million ($182 million).<\/p>\n","protected":false},"author":350,"featured_media":27853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[21],"tags":[530,9659],"class_list":["post-27852","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-scholastic","tag-story-media-group","pmpro-has-access"],"yoast_head":"\n