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May 13, 2014
10:03 EDTHMHCHoughton Mifflin acquires Channel One News
Houghton Mifflin announced the acquisition of Channel One News, a digital content provider. The acquisition represents HMH’s investment in the development of digital content for students, teachers and parents across multiple modalities, and will bring video and cross-media production capabilities in-house. Channel One News and its employees will continue to be based in New York City.
News For HMHC From The Last 14 Days
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April 24, 2015
06:38 EDTHMHCHoughton Mifflin additional $100M under existing share repurchase program
HMH’s board has authorized an additional $100M under the company’s existing share repurchase program, bringing the total authorization to $200M. The share repurchase program may be executed over a period of two years from the program’s original authorization
06:38 EDTHMHCHoughton Mifflin to acquire Scholastic's Educational Tech & Services business
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06:33 EDTHMHCScholastic to sell EdTech business to Houghton Mifflin for $574M in cash
Scholastic announced that it has entered into a definitive agreement to sell its Educational Technology, or EdTech, business to Houghton Mifflin Harcourt for $575M in cash. EdTech had $249M in revenues and $40M in operating income in FY14. Revenues were $175M and operating income was $17M for the first nine months of the current fiscal year ending May 31. Scholastic expects net proceeds from the sale, after taxes, transaction fees, and other expenses, of approximately $360M-$370M. The transaction will enable Scholastic to focus on its core businesses by deepening relationships with its primary customers – teachers, parents, children, and schools. The Company plans to reinvest the proceeds from the sale in its Children's Book Publishing and Distribution, Classroom and Supplemental Materials Publishing, and International business segments, while continuing to return capital to shareholders over time. The management team of the Educational Technology and Services business, including its President Margery Mayer, is expected to remain with the business as part of HMH. The business' approximate 800 employees are also expected to join HMH upon transaction close. The transaction is expected to close in Q2.
06:31 EDTHMHCScholastic to sell EdTech business to Houghton Mifflin for $574M in cash
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April 21, 2015
10:01 EDTHMHCOn The Fly: Analyst Downgrade Summary
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07:38 EDTHMHCHoughton Mifflin downgraded on valuation at Stifel
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06:31 EDTHMHCHoughton Mifflin downgraded to Hold from Buy at Stifel
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April 13, 2015
10:34 EDTHMHCAnalyst predicts consolidation in educational products space
The shares of Scholastic (SCHL) are climbing after Citigroup wrote that the company will probably be acquired by Houghton Mifflin Harcourt (HMHC). Scholastic develops educational products for children, including books and technology products. Houghton Mifflin Harcourt publishes textbooks used in K-12 schools around the world. WHAT'S NEW: Houghton Mifflin is "very likely" to buy Scholastic, Citi analyst Jason Bazinet wrote in a note to investors earlier today. The assets of Scholastic "fit naturally" with those of Houghton Mifflin, since both companies publish materials for K-12 students, the analyst stated. Houghton Mifflin's reluctance to return capital to shareholders, along with a lack of suitable targets in the K-12 space, further convince Bazinet that the deal will probably take place, the analyst stated. The acquisition would increase the value of Houghton Mifflin's stock to $30, wrote Bazinet, who increased his price target on the shares to $29 from $23. He kept a Buy rating on the stock. PRICE ACTION: In early trading, Scholastic rose 1.3% to $40, while Houghton Mifflin advanced 1.5% to $24.
06:25 EDTHMHCHoughton Mifflin 'very likely' to acquire Scholastic, says Citigroup
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