The drumbeat of consolidation in the book publishing industry continued Monday when Lagardère SCA’s Hachette Book Group agreed to acquire Workman Publishing for $240 million in a deal expected to close this fall.
Workman generated $134 million in revenue in 2020, up more than 12% from the prior year, according to Lagardère, which didn’t release profit figures. Workman, which publishes across an array of genres, is best known for such series as “What to Expect” and “Brain Quest.”
“They are one of the most original and creative publishers in the country,” said Michael Pietsch, Hachette’s chief executive, in an interview. “How many hours of your life have been saved while your kids played ‘Brain Quest’ in the back seat of your car?” He added that the acquisition reflects Lagardere’s continued commitment to U.S. publishing.
Book publishing has remained strong during the pandemic, making publishers attractive acquisition targets. Print sales rose 8.4% to 758.8 million units in 2020 compared with the year before, according to NPD BookScan.
Earlier this year, News Corp , which owns The Wall Street Journal and HarperCollins Publishers, acquired Houghton Mifflin Harcourt Co. ’s consumer-publishing business, for $349 million in cash.
