Scholastic to Invest in 9 Story Media Group

Scholastic, the global children's publishing, education and media company, today announced that it has signed a definitive agreement to invest in 9 Story Media Group. Through the investment, Scholastic will acquire 100% of the economic interest and a minority voting interest in 9 Story Media Group, a leading independent developer, producer and distributor of high-quality children's content, for approximately $186 million, subject to customary closing adjustments.

Strategic investment

The strategic investment in 9 Story's team and world-class production, distribution and licensing capabilities expands Scholastic's ability to leverage its trusted brand, best-selling publishers and popular global children's book franchises across print, screen and merchandising. The announcement solidifies the long-standing relationship between Scholastic Entertainment, the company's successful and award-winning media development and production division, and 9 Story, which includes the reboot of the animated series "Clifford the Big Red Dog" on PBS Kids and Amazon Prime Video and the production of "Eva the OwletTM" on Apple TV+.

Source: www.prnewswire.com