5 April 2021
No one in the industry was surprised last week when HarperCollins emerged as the buyer for Houghton Mifflin Harcourt Books & Media, the sixth-largest trade publisher in the U.S. Ever since HC and its parent company, News Corp, lost out to Bertelsmann's Penguin Random House in its bid to buy Simon & Schuster last November, HC was seen as the favorite to acquire the HMH trade operation, which parent company HMH put up for sale last fall. The biggest question mark was what the purchase price would be. The answer is $349 million in cash.