Scholastic to Invest in 9 Story Media Group

NEW YORK and TORONTO, March 12, 2024 — Scholastic, the global children’s publishing, education and media company, announced it has signed a definitive agreement to invest in 9 Story Media Group. Through the investment, Scholastic will acquire 100% of the economic interest in and a minority of voting rights in 9 Story Media Group (“9Story”), a leading independent creator, producer and distributor of premium children’s content, for approximately USD $186 million, subject to customary closing adjustments.

The strategic investment in 9 Story's team and best-in-class production, sales and licensing capabilities significantly expands Scholastic's opportunities to leverage its trusted brand, best-selling publishing and beloved global children's franchises across print, screens and merchandising.  Today's announcement solidifies a long-time collaboration between Scholastic Entertainment, the company's successful and award-winning media development and production division, and 9 Story®, which includes the animated series reboot of "Clifford the Big Red Dog®" on PBS Kids and Amazon Prime Video and production of "Eva the OwletTM" on Apple TV+®.  

"This highly strategic combination, adding 9 Story's industry-leading capabilities with Scholastic's trusted brand and proven ability to create iconic children's series and franchises, has tremendous potential to build deeper connections with young people through our stories, as the pages of our books come to life on screens and through merchandising. At its core, Scholastic's 360° content creation strategy is about engaging children with reading, and we have introduced our stories to generations of kids by reaching them where they are," said Peter Warwick, Scholastic President and 

Chief Executive Officer. "We are thrilled to build upon our more than 20-year relationship with 9 Story's exceptional management team and employees, whose culture and values could not be better aligned with our own." 

Iole Lucchese, Scholastic Board Chair and President, Scholastic Entertainment, added, "By bringing together Scholastic's knowledge of what kids love and our proven track record of successful media development with 9 Story's top-rated global production, distribution and licensing capabilities, I am confident we can meet the continued, strong demand for high-quality kids and family entertainment. Today's announcement presents a huge opportunity to expand the footprint of Scholastic's authors and illustrators and to build global franchises on every platform, creating more value for the creators and for our shareholders." 

Advisors

CDX Advisors served as exclusive financial advisor.

About Scholastic

For more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world's largest publisher and distributor of children's books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children's media. The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children's learning and literacy, both in school and at home. With international operations and exports in more than 135 countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online. Learn more at www.scholastic.com. 

About 9 Story Media Group

9 Story Media Group is a leading creator, producer and distributor of premium, kids and family-focused content. Its award-winning animation studio, Brown Bag Films, is recognized around the world for best-in-class brands such as "Doc McStuffins®," "Daniel Tiger's Neighborhood," "Octonauts®," "Wild Kratts®," and "The Magic School Bus Rides Again." The company's international distribution arm, 9 Story Distribution International based in Dublin, represents more than 5,000 half-hours of animated and live-action programming, seen on some of the most respected international channels and platforms. Its in-house consumer products division, 9 Story Brands, builds international entertainment brands for kids, with expertise across creative, brand marketing, and licensing. 9 Story's Creative Affairs Group creates, develops, and produces award-winning branded properties using groundbreaking formative research. With facilities in Toronto, Dublin, New York, and Bali, 9 Story Media Group employs approximately 850 creative and corporate staff worldwide.

For more information please visit https://9story.com/