Scholastic Closes Investment in 9 Story Media Group

Scholastic, a global children's publishing, education and media company, has announced it has closed its previously announced agreement to invest in 9 Story Media Group, an independent creator, producer and distributor of premium children’s content, after receiving a satisfactory opinion from the Minister of Canadian Heritage with respect to the transaction, in addition to satisfying customary closing conditions.

The transaction further enhances Scholastic’s development, production and licensing interests, expanding opportunities to leverage its brand and best-selling publishing and global children's franchises to build deeper connections with young people around the world 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 $182 million) from an affiliate of private equity firm, ZMC, and other selling shareholders.

9 Story Media Group will continue to be led by Vince Commisso, president, chief executive officer. Scholastic Entertainment will continue to be led by Iole Lucchese, board chair, Scholastic and president, Scholastic Entertainment. 

“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,” says Peter Warwick, president, chief executive officer, Scholastic. “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.”

“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,” says Lucchese. “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.”

“We’re thrilled to start this new chapter and build on our long-standing relationship with Scholastic,” says Commisso. “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.”