In a strategic move to expand its presence in the children’s entertainment industry, Scholastic Corp., the renowned publisher and distributor of children’s books, has announced its agreement to acquire 9 Story Media Group. The deal, valued at C$250 million ($185 million), underscores Scholastic’s commitment to broadening the audience for its extensive library of children’s stories.
9 Story Media Group, a prominent player in the creation, production, and distribution of television content for kids, operates through its animation studio and consumer products division. Through this acquisition, Scholastic aims to leverage 9 Story’s expertise to adapt more of its beloved literary characters into compelling television content and vice versa.
Iole Lucchese, Chair of the Scholastic Board, emphasized the significance of meeting children on the platforms where they are most engaged. Lucchese stated in an interview, “We know that a lot of kids first get exposed to characters on screens. It’s important for us to meet them there and ultimately lead them to reading.”
The collaboration between Scholastic and 9 Story is not new. The two companies previously worked together on projects such as the successful reboot of “Clifford the Big Red Dog” through an animated series. With this acquisition, Scholastic gains full economic interest and a minority of voting control rights in 9 Story Media Group, marking a significant step towards synergizing their creative efforts.
9 Story Media Group’s animation studio, Brown Bag Films, boasts an impressive portfolio that includes acclaimed shows like “Daniel Tiger’s Neighborhood,” “Doc McStuffins,” and “The Magic School Bus Rides Again.” Vince Commisso, CEO of 9 Story, highlighted the complementary strengths of both companies, stating, “Scholastic has an unmatched library of kids IP. Put those two things together and one plus one equals more than 10.”
The acquisition not only reinforces Scholastic’s commitment to providing quality content for children but also positions the company to expand its reach across multiple platforms. With the merger of these two influential entities, the future looks promising for the creation of immersive and educational experiences for young audiences worldwide.
