Scholastic to acquire 9 Story Media Group for $185 million

Scholastic to acquire 9 Story Media Group for $185 million
Scholastic, renowned for its children's literature, is set to acquire 9 Story Media Group, a prominent player in kids' television content creation, production, and distribution, for a substantial sum of $185 million. This strategic move will grant Scholastic full control over 9 Story's economic interests and a minority stake in its voting rights.

Peter Warwick, President and CEO of Scholastic, expressed enthusiasm about the merger, citing the potential to blend 9 Story's industry-leading expertise with Scholastic's renowned brand to create captivating children's series and franchises. He emphasized the alignment of values between the two entities, foreseeing deeper connections with young audiences as their beloved stories transition from books to screens and merchandise.

Iole Lucchese, Scholastic's Board Chair and President of Scholastic Entertainment, highlighted the synergy between Scholastic's understanding of children's preferences and 9 Story's prowess in global production, distribution, and licensing. She anticipated meeting the growing demand for high-quality kids' and family entertainment, aiming to expand the reach of Scholastic's authors and illustrators while creating value for shareholders.

9 Story Media Group comprises several divisions, including Brown Bag Films, an award-winning animation studio known for its Emmy® Awards and Oscar® nominations. Other divisions include 9 Story Distribution International, representing a vast library of animated and live-action programming such as "Clifford the Big Red Dog®" and "A Kind of SparkTM", and 9 Story Brands, which develops global kids' brands both on and off-screen, including "Daniel Tiger's Neighborhood®" and "Karma's World®". Recent developments include partnerships with Crayola Studios and the acquisition of Portfolio Entertainment's library, expanding 9 Story's content portfolio significantly.

Vince Commisso, President and CEO of 9 Story, expressed excitement about the merger, citing the long-standing collaboration between the two companies, dating back to his involvement with "The Magic School Bus®". He emphasized the combined potential to create impactful stories and brands for global audiences by leveraging Scholastic's media business and iconic reputation alongside 9 Story's diverse talents and capabilities.