Scholastic revenue bolstered by 9 Story acquisition

The US book publisher's purchase of the Canadian producer/distributor in June helped boost its Q1 revenue by 4% to US$237.2 million.
September 27, 2024

The long-term earnings growth strategy behind Scholastic’s US$182-million acquisition of 9 Story Media Group in June seems to be off to a positive start, given that the US book publisher’s first-quarter revenue increased by 4% to US$237.2 million.

The company’s new entertainment segment—which includes the combined operations of Scholastic Entertainment and 9 Story—delivered US$16.6 million in revenue this quarter, primarily driven by the addition of 9 Story’s earnings.

The result is an “early win” for the company and firms up its position in the global children’s content and media market, says president and CEO Peter Warwick.

Scholastic’s children’s publishing and distribution segment also fared well, with revenue up 3% to US$105.4 million. Warwick notes that a number of titles held their ground on bestseller lists in the quarter, including the latest book in Aaron Blabey’s popular Bad Guys series, One Last Thing.

In the consolidated trade segment, revenue rose by 2% to US$73.9 million, primarily thanks to foreign rights sales. This was partially offset by lower frontlist sales compared to the same quarter in 2023, when the company released the fourth Hunger Games book, The Ballad of Songbirds and Snakes, in paperback.

Scholastic is expecting a brighter second half of the fiscal year for the segment driven by new releases such as the latest entry in Dav Pilkey’s Dog Man series and the fifth Hunger Games book, Sunrise on the Reaping

Overall for the quarter, Scholastic’s operating loss decreased by 11% to US$88.5 million (with US$2.9 million in one-time charges), compared to US$99.1 million a year ago (with US$6.3 million in one-time charges).

About The Author
Jeremy is the Features Editor of Kidscreen specializing in the content production, broadcasting and distribution aspects of the global children's entertainment industry. Contact Jeremy at jdickson@brunico.com.

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