Scholastic to Invest in 9 Story Media Group, Significantly Expanding Opportunities for Production and Global Licensing of Scholastic IP
NEW YORK and TORONTO, March 12, 2024 /PRNewswire/ -- Scholastic (NASDAQ: SCHL), the global children's publishing, education and media company, today announced it has signed a definitive agreement to invest in 9 Story Media Group. Through the investment, Scholastic will acquire 100% of the economic interest in and a minority of voting rights in 9 Story Media Group ("9 Story"), a leading independent creator, producer and distributor of premium children's content, for approximately USD $186 million, subject to customary closing adjustments.
- The strategic investment in 9 Story's team and best-in-class production, sales and licensing capabilities significantly expands Scholastic's opportunities to leverage its trusted brand, best-selling publishing and beloved global children's franchises across print, screens and merchandising.
- Scholastic Entertainment was rebooted under Lucchese's leadership in 2017, recognizing the untapped potential of Scholastic's engaging children's content.
- 9 Story recorded revenue of approximately USD $104 million in its most recent fiscal year, ended August 31, 2023.
- A supplemental presentation with further details on the transaction and its strategic rationale is available at: