July 21st, 2024

Scholastic invests US$186M in children’s show maker 9 Story Media

By The Canadian Press on March 12, 2024.

A Scholastic logo is shown in a handout. The publishing giant says it has signed an agreement to invest in the company behind television programs “Daniel Tiger’s Neighborhood,” "Doc McStuffins" and “Octonauts.” THE CANADIAN PRESS/HO

TORONTO – Publishing giant Scholastic says it has signed a US$186 million agreement to invest in the company behind television programs “Daniel Tiger’s Neighborhood,” “Doc McStuffins” and “Octonauts.”

Under the deal, New York-based Scholastic will acquire 9 Story Media Group’s economic interest and minority voting rights.

Scholastic says its investment in the Toronto-based media company gives it access to more production, sales and licensing capabilities.

It adds that the deal significantly expands the opportunities Scholastic has to leverage its brands across print, screens and merchandising.

The companies say the investment has been approved by both of their boards of directors and the shareholders of 9 Story but needs to satisfy the Minister of Canadian Heritage and meet other customary conditions before it can close.

They expect the deal to close in Scholastic’s fiscal 2025 first quarter, which begins on June 1.

This report by The Canadian Press was first published March 12, 2024.

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