Global learning company Houghton Mifflin Harcourt announced changes to its executive team, with a slate of new talent and the promotion of internal leaders to support its goal of improving learning outcomes for all students. “With a passionate and talented team in place, I look forward to what’s on the horizon for HMH as we deliver on our unique ability to provide truly integrated learning solutions,” says Jack Lynch, President and CEO, HMH. “This group brings the right balance of K-12 teaching and learning experience and customer-centered innovation to the table to deepen HMH’s longstanding position as a leading core curriculum provider and to expand and diversify our portfolio in faster growing segments within intervention, supplemental curriculum and professional services.” Click Read More below for additional information.
American Media, Inc. (AMI), a leading publisher of celebrity journalism and health and fitness magazines in the United States, today announced that it has reached an agreement to acquire 13 brands from Bauer Media USA. The addition of the Bauer titles, including In Touch, Life & Style, and Closer as well as the nine brands that make up the Bauer Teen Group, including J-14 and Girls World, will now be part of the AMI Entertainment Group.
Combined, the new AMI Entertainment Group will reach 38 million readers and deliver the youngest median age in the category. Newsstand sales will average 1 million copies weekly with less than 25 percent reader duplication.
In addition to the increased newsstand sales and readership, the acquisition will help grow the AMI Entertainment Group’s monthly digital audience with the network now reaching more than 60 million unique visitors monthly and more than additional 15 million social media fans and followers.
“Today’s announcement underscores AMI investor confidence in our business strategy as we continue to build and grow our Entertainment Group. Despite newsstand sales declining 20 percent annually, both Bauer and AMI have continued to invest in the marketplace and we believe there is still a terrific opportunity to grow newsstand revenue,” said AMI Chairman and CEO David J. Pecker. “I look forward to welcoming these trusted brands and talented staffs to AMI.
AMI has secured committed bridge financing from existing investors to fund the acquisition which is expected to close on or about July 1, 2018. Following the closing of the acquisition, the company intends to announce and launch a refinancing of its existing debt, as well as the bridge financing.