Award-winning creator, producer and distributor of premium children’s content will continue to be led by president and CEO Vince Commisso.
Global children’s publishing, education and media company Scholastic has finalized its investment in Canada’s 9 Story Media Group. This follows the approval from the Minister of Canadian Heritage and the satisfaction of customary closing conditions.
This investment enhances Scholastic’s development, production, and licensing capabilities, expanding the company’s opportunities to leverage its trusted brand and best-selling children’s franchises 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 USD $182 million) from an affiliate of private equity firm ZMC and other selling shareholders.
9 Story Media Group will continue to be led by president and CEO Vince Commisso and Scholastic Entertainment will continue to be led by Scholastic board chair and Scholastic Entertainment president Iole Lucchese.
“We are thrilled to add 9 Story’s industry-leading children’s content production, distribution and licensing capabilities, extensive content library, and highly talented team to Scholastic’s portfolio. Together, we can leverage our combined scale to grow Scholastic’s children’s franchises, drive book sales and create new opportunities to introduce millions of children to our stories. I’m confident that our shared mission and collective expertise will spark innovation and creativity across the entire IP life cycle, supporting our 360-degree content creation strategy and our opportunity to meet the strong demand for high-quality kids and family entertainment,” said Peter Warwick, president and CEO of Scholastic.
“Building upon the strong foundation we’ve developed with the 9 Story team over the past 20 years, we’re excited to now participate in the full IP life cycle by combining Scholastic’s ability to create IP that kids love with 9 Story’s best-in-class ability to produce, distribute and license it,” Lucchese added. “In today’s world, it’s ever more important that we meet kids where they are, and we look forward to expanding our work with our colleagues to bring kids back to our iconic brands and stories.”
Commisso also commented on the deal, saying, “We’re thrilled to start this new chapter and build on our long-standing relationship with Scholastic. Together we will continue to deliver high-quality, engaging content for kids and families, while significantly expanding our joint ability to build franchises on a global scale.”
Source: Scholastic
