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Scholastic Paying $183 Million to Acquire Full Economic Interest in Animation Studio 9 Story Media
Scholastic announced a $186 million deal to acquire full economic interest in 9 Story Media Group, a leading children's content producer.
Through the investment, Scholastic will acquire 100% of the economic interest in and a minority of voting rights in 9 Story Media, the animation studio behind TV shows including “Doc McStuffins” ( pictured above), “Daniel Tiger’s Neighborhood,” “Octonauts,” “Wild Kratts” and “The Magic School Bus Rides Again.” “We’ve been fortunate to work with Scholastic for decades, going back to my own start with the family-favorite production, ‘The Magic School Bus,’” Vince Commisso, President and Chief Executive Officer, 9 Story, said in a statement. Scholastic expects the addition of 9 Story to contribute long-term earnings accretion, reduce the capital intensity of production and “drive substantial improvements in top-line growth and bottom-line results through 9 Story’s existing content library, best-in-class production studios, and global distribution and licensing capabilities.” Scholastic said it intends to initially fund the transaction from available cash on hand and its revolving credit facility and “anticipates maintaining its regular dividend and its authorized stock repurchase program.”
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