News Corp to expand book empire with acquisition of publisher Harlequin...
The purchase gives News Corp's HarperCollins operation 'an immediate foothold in 11 new countries'.
Rupert Murdoch's News Corp is expanding its book empire with the £246 million acquisition of a romantic publisher. Canadian-based Harlequin, whose many titles include Her Cowboy Hero and 10 Ways to Handle the Best Man, will become part of the HarperCollins book publishing operation. Thomson, who presides over a group that also owns the Sun and the Wall Street Journal, described readers of Harlequin novels as a "devoted audience" and its subject matter as providing an "empathetic insight into contemporary cultures". Harlequin is a prolific publisher, with more than 1,300 authors churning out 110 new steamy novels each month, and is popular in Europe and the Asia-Pacific region in particular. Approximately 40% of Harlequin's revenues come from books published in languages other than English – the company publishes in 34 languages – while 99% of HarperCollins books are published in English. Brian Murray, the chief executive of HarperCollins, said the acquisition would give the company "an immediate foothold in 11 new countries".
"We are excited to be joining HarperCollins publishers," said Craig Swinwood, publisher and chief executive of Harlequin. "This transaction will allow Harlequin to continue to operate as a distinct and successful brand within a larger publishing company. We're excited to be able to take full advantage of HarperCollins' robust resources, scale and capabilities to expand the reach of our books and grow our business."
- £246 million acquisition of a romantic publisher.
- Murdoch to make Canadian-based romantic publisher part of HarperCollins in bid to expand digital platform internationally.
- "Harlequin is the perfect fit for the new News Corp," said Robert Thomson, News Corp's chief executive. "It vastly expands our digital platform, extending our reach across borders and languages, and is expected to provide an immediate lift to earnings."
- Harlequin, which is being sold by Torstar Corporation in an all-cash deal, had revenues of $C398m (£215m) and profits of $C56m last year.
- Approximately 40% of Harlequin's revenues come from books published in languages other than English.
- "This acquisition will broaden the boundaries of both HarperCollins and Harlequin, and is a significant step in our strategy to establish a network of digital properties in the growth regions of the world," said Thomson.
I think this would be a good idea for News Corp to expand its company worldwide. News Corp as become on of the most successful companies by Rupert Murdock, therefore increasing the company to other countries and bringing new content would attract a wider audience and rise revenues too.
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