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Scholastic buys kids TV studio 9 Story Media for $186M

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Mar 12, 2024
Illustration of a book with the pages made of money.

Illustration: Aïda Amer/Axios

Scholastic agreed to buy 9 Story Media Group, a children's content studio, for $186 million, the company announced Tuesday.

Why it matters: The deal represents the biggest move yet into the TV content space for the venerable children's book publisher.

Zoom in: Scholastic will acquire 100% of the economic interest in 9 Story and a minority of voting rights.

  • 9 Story Media Group consists of its animation studio Brown Bag Films, its distribution business 9 Story Distribution International and its consumer products wing 9 Story Brands.
  • The deal is expected to close in June.

Flashback: Scholastic and 9 Story Media have a decades-long relationship that dates back to the first "Magic School Bus" animated series.

The big picture: Scholastic has quietly built up its entertainment division since relaunching it in 2017.

  • In 2019, Scholastic invested in media firm Picturestart alongside Warner Bros.
  • The company says it's become a "highly profitable" division.
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