Scholastic Corp. plans to acquire Klutz, a publisher and creator of “books plus” products for children from Corus Entertainment Inc. for an initial payment of $43 million.
Additional payments may be made based on the performance of Klutz over the next three years, according to a news report.
Klutz has sold more than 60 million books worldwide and has over 150 active titles in print. The firm has been a creative fixture on the U.S. children’s book and toy best-seller lists for the past 25 years and reported revenue of approximately $39 million in its last fiscal year ended Aug. 31, 2001.
Klutz will be a part of Scholastic’s Children’s Book Publishing and Distribution division, reporting to Barbara Marcus, president of the division.
Klutz will continue operations independently from its headquarters in Palo Alto, CA. President Chris Deyo will report to Barbara Marcus. Founder John Cassidy will continue in his role of chief creative officer.
Scholastic, New York, is the world’s largest publisher and distributor of children’s books. Corus Entertainment is one of Canada’s media and entertainment companies.
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