Scholastic has finalized the acquisition of Toronto-based children’s content producer and distributor 9 Story Media Group for approximately $182 million, which is $4 million less than the initial price tag in March. Scholastic now holds 100% of the economic interest but only minority voting rights in 9 Story. This completion follows necessary approvals from the Minister of Canadian Heritage and other customary closing conditions. Vince Commisso will retain his role as president and CEO of 9 Story, while Scholastic Board Chair and President Iole Lucchese will continue to lead Scholastic Entertainment. The strategic acquisition is anticipated to yield long-term earnings growth for both entities, optimize production costs, and enhance Scholastic’s bottom line through 9 Story’s extensive content production, distribution, licensing infrastructure, and expertise. Financial results will be consolidated into a new reporting segment starting fiscal 2025, with historical results to be included in Scholastic’s Q4 2024 report. Scholastic CEO Peter Warwick expressed excitement over the added capabilities and vast content library of 9 Story, indicating plans to leverage this scale to amplify children’s franchises and book sales. Future productions include a CG-animated Magic School Bus project and a live-action series ‘Sixteen Souls’ based on Rosie Talbot’s novel.

Media & Entertainment, Publishing,Canada, United States