Hachette Book Group Will Acquire Workman Publishing for $240 Million is by Jim Milliot and appears on the Publishers Weekly website.
“The biggest trade publishers continue to get larger: Hachette Book Group has entered into a “binding commitment” to acquire one of the industry’s largest and most distinct independent publishers, Workman Publishing. HBG, backed by its parent company, Lagardère, is paying $240 million for Workman, which had sales of $134 million last year. The deal is expected to be completed by the end of September.
“In making the announcement, HBG CEO Michael Pietsch called Workman “a brilliant publisher, the most creative in the industry,” that pioneered the method of combining images and information in a distinct way. That approach has led to such hugely successful franchises as the What to Expect and Brain Quest series as well as Page-a-Day calendars.
“When the acquisition is completed, Workman Publishing will become HBG’s eighth publishing group, comprising the imprints Workman, Algonquin, Algonquin Young Readers, Artisan, Storey Publishing, and Timber Press. (The publisher has about 300 employees scattered across offices in New York City, Chapel Hill, N.C., North Adams, Mass., and Portland, Ore.) The new group will be led by Workman Publishing’s current CEO, Dan Reynolds, who will report to Pietsch and join HBG’s executive management board. Carolan Workman, executive chair and president of the company—who has been heading the publisher since 2013, following the death of her husband, company founder Peter Workman—will retire following the completion of the deal….”
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