Scholastic Closes Investment in 9 Story Media Group
Scholastic, a global children's publishing, education and media company, has announced it has closed its previously announced agreement to invest in 9 Story Media Group, an independent creator, producer and distributor of premium children’s content, after receiving a satisfactory opinion from the Minister of Canadian Heritage with respect to the transaction, in addition to satisfying customary closing conditions.
The transaction further enhances Scholastic’s development, production and licensing interests, expanding opportunities to leverage its brand and best-selling publishing and global children's franchises to build deeper connections with young people around the world across print, screen and merchandising. Scholastic has acquired 100% of the economic interest and a minority of voting rights in 9 Story for CAD $250 million (approximately $182 million) from an affiliate of private equity firm, ZMC, and other selling shareholders.
9 Story Media Group will continue to be led by Vince Commisso, president, chief executive officer. Scholastic Entertainment will continue to be led by Iole Lucchese, board chair, Scholastic and president, Scholastic Entertainment.