News Corp announced today that it has entered into an agreement to acquire the Books & Media segment of Houghton Mifflin Harcourt. The business will be operated by HarperCollins Publishers, a News Corp subsidiary.
HMH Books & Media is home to one of the most extensive and successful backlists in the publishing industry, with a history of strong profitability, says a news release from News Corp. In 2020, over 60% of HMH Books & Media revenues were generated by its backlist, says the release.
News Corp is also buying Investor’s Business Daily from O’Neil Capital Management for $275 million.
The financial news and research business will be operated by Dow Jones, a News Corp subsidiary.
Investor’s Business Daily (IBD) was founded by William J. O’Neil in 1984 and has experienced double-digit revenue growth over the past several years, with digital representing more than 90% of IBD’s revenues and subscriptions, says News Corp.
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