New York, NY (October 31, 2011) HarperCollins Publishers today announced that it has entered into a definitive agreement to acquire Thomas Nelson, Inc. for $200 million. The acquisition, which is expected to close by the end of the calendar year, is subject to regulatory clearances and other customary closing conditions. HaperCollins is owned by Rupert Murdoch, who also owns Fox News and many other media properties. HarperCollins also owns Zondervan.
According to Publishers Weekly, News Corp. is paying $200 million for Thomas Nelson, the parent company of HarperCollins, which was disclosed in its quarterly filing on Friday. In 2006, InterMedia paid $473 million for the publisher, which had sales of $253 million at the time. Thus, $200 million seems to be a bargain-basement price to pay for Thomas Nelson.
Thomas Nelson is one of the leading trade publishers in the United States. The Company provides multiple forms of inspirational content including: books, Bibles, e-books, journals, audio, video, curriculum and digital applications available for download on “smart” electronic devices. It has published some of the bestselling books in the industry, including the current #1 bestseller Heaven Is For Real, and the books of many popular authors, such as Billy Graham, Max Lucado, and Dave Ramsey.
“Founded in 1798 in Edinburgh, Scotland, Thomas Nelson shares a long and rich heritage with both New York’s Harper Brothers and Scotland’s William Collins & Sons. It is thus with great pleasure that I look forward to welcoming Thomas Nelson to the HarperCollins family,” said Brian Murray, President and CEO of HarperCollins Publishers Worldwide. “HarperCollins’ global print and digital publishing platform, which includes e-book distribution into more than 175 markets, Print-on-Demand, Digital-to-Print at Retail, and worldwide marketing reach, provides an opportunity to further expand the readership of Thomas Nelson’s distinguished authors.”
“Additionally, Thomas Nelson adds further balance to our existing publishing programs. Its broad inspirational appeal is a good complement to Zondervan, which will continue to publish books consistent with its mission,” added Murray.
“We are excited to be joining HarperCollins Publishers,” said Mark Schoenwald, President and CEO of Thomas Nelson. “We believe this transaction represents an attractive strategic fit for our company. With HarperCollins’ resources and capabilities to draw on, we will capitalize on the many opportunities in this rapidly changing world of publishing.”