News Corp To Acquire Harlequin
Acquisition Will Extend HarperCollins' Global Platform
NEW YORK (May 2, 2014)-News Corp announced today that it has agreed to acquire Harlequin Enterprises from Torstar Corporation. Harlequin will become a division of HarperCollins Publishers, a News Corp subsidiary.
Harlequin (www.Harlequin.com) will remain headquartered in Toronto, as will the offices of HarperCollins Canada.
Harlequin is one of the world's leading publishers of women's fiction, with titles issued worldwide in 34 languages and sold in over 100 international markets. The acquisition will extend HarperCollins' global platform, particularly in Europe and Asia Pacific, helping to fuel its international growth strategy. The deal will complement HarperCollins' current business by expanding a key content vertical. It will also accelerate the digital evolution of both companies.
Harlequin publishes the work of more than 1,300 authors and releases more than 110 titles monthly. Approximately 40% of Harlequin's revenues come from books published in languages other than English. Currently, 99% of HarperCollins books are published in English.
Harlequin is a perfect fit for the new News Corp, vastly expanding our digital platform, extending our reach across borders and languages, and is expected to provide an immediate lift to earnings, said Robert Thomson, Chief Executive of News Corp. Harlequin has a devoted audience around the globe and an empathetic insight into contemporary cultures, which is itself a remarkable resource. 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.
Harlequin has built one of the largest and most widely recognized consumer brands in publishing with a highly focused publishing program for women, said Brian Murray, President and CEO of HarperCollins. We are thrilled to welcome Harlequin's management and staff in Toronto and around the world to the HarperCollins family. The Harlequin name and rich heritage will be preserved independently, with the aim to leverage capabilities to bring the book-reading public more choices. Harlequin's business has grown internationally, and will give HarperCollins an immediate foothold in 11 new countries from which we can expand into dozens of foreign languages for authors who choose to work with us globally.
We are excited to be joining HarperCollins Publishers, said Craig Swinwood, Publisher and CEO 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.
The purchase price of the acquisition is C$455 million in cash. The acquisition is subject to customary closing conditions, including regulatory approvals and approval of Torstar's Class A shareholders. The closing is anticipated by the end of the third quarter of calendar year 2014. The deal is expected to be accretive to earnings and improve News Corp's free cash flow.
In calendar year 2013, Harlequin had revenues of C$398 million (including C$28 million from investments in joint ventures) and EBITDA of C$56 million (including C$2 million from investments in joint ventures),[1] as disclosed in Torstar Corporation's 2013 Annual Report in accordance with International Financial Reporting Standards, which differ from generally accepted accounting principles in the U.S. Approximately 95% of Harlequin's revenues are from outside Canada.
Centerview Partners acted as financial advisor to News Corp.
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About News Corp
News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, cable network programming in Australia, digital real estate services, book publishing, digital education, and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: http://www.newscorp.com.
About Torstar Corporation
Torstar Corporation is a broadly based media and book publishing company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada's largest daily newspaper, Free Daily News Group Inc., which publishes the English-language Metro newspapers in several Canadian cities, Metroland Media Group, publisher of community and daily newspapers in Ontario; and also include digital properties including thestar.com, Workopolis, wagjag.com, toronto.com, save.ca, Olive Media, and eyeReturn Marketing; and Harlequin, a leading global publisher of books for women. Torstar's news releases are available on the Internet at www.torstar.com
About HarperCollins Publishers
HarperCollins Publishers, one of the largest English-language publishers in the world, is a subsidiary of News Corp. Headquartered in New York, HarperCollins has publishing groups around the world in the US, UK, Canada, Australia, New Zealand, and India. HarperCollins is a broad-based publisher with strengths in literary and commercial fiction, business books, children's books, cookbooks, narrative nonfiction, mystery, romance, reference, pop culture, design, health, wellness, and religious and spiritual books. With nearly 200 years of history, HarperCollins has published some of the world's foremost authors, including wi
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News Corp To Acquire Harlequin
