Scholastic invests in 9 Story Media Group to boost children's IP and content creation
Publishing giant Scholastic has announced the completion of its investment in 9 Story Media Group, an independent creator, producer, and distributor of children's content.
The move aims to enhance Scholastic's content creation and distribution capabilities, reinforcing its position in the children's media market.
Scholastic has acquired 100% of the economic interest and a minority of voting rights in 9 Story Media Group for CAD $250 million.
The acquisition, approved by the Minister of Canadian Heritage, expands Scholastic's reach in developing, producing, and licensing children's content.
Peter Warwick, President and CEO of Scholastic, expressed his enthusiasm for the partnership:
"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."
Scholastic Corporation, established over 100 years ago, is the world's largest publisher and distributor of children's books and a leading provider of educational materials and media.
9 Story Media Group is a prominent creator, producer, and distributor of children's content, known for its award-winning animation studio, Brown Bag Films. The company manages a vast library of animated and live-action programming and has expertise in brand marketing and licensing.
Leadership and Vision
Vince Commisso will continue to lead 9 Story Media Group as President and CEO. Iole Lucchese will remain at the helm of Scholastic Entertainment.
Commisso stated:
"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."
The collaboration aims to integrate Scholastic's ability to create beloved children's content with 9 Story's production, distribution, and licensing expertise.
Lucchese highlighted the potential of the move, stating:
"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.
“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."
