Scholastic acquires children's book publisher.Scholastic Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) has agreed to acquire Klutz (Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , CA), a publisher and creator of "Books Plus" products for children, from media and entertainment company Corus Entertainment Corus Entertainment Inc. TSX: CJR.B NYSE: CJR is a publicly traded Canadian media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, advertising and digital audio services, television (Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , ON). Scholastic paid $43 million, with additional payments possible based on performance over the next three years. Established in 1977, Klutz has over 150 active children's books in print and has sold more than 60 million books worldwide. Its "Books Plus" program packages toys related to the titles with the books. The company had 2001 revenues of $39 million. Scholastic president Richard Robinson
Sir Richard Atkinson Robinson said his company will leverage the Klutz products through its distribution network of school book clubs, and school book fairs. Also, Scholastic has launched an online store for teachers in grades K-8. The site includes over 2000 products from Scholastic, Tom Synder Productions, Educational Insights and Grolier and including professional books, teaching resources, and supplementary materials. |
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