Scholastic pays 183 million dollars to acquire full economic interest in animation studio 9 Story Media
Scholastic strengthens its entertainment business: The children's media and publishing company announced a 186 million dollar investment in 9 Story Media Group, a leading producer and distributor of children's content.
Through the investment, Scholastic acquires 100 % of the economic interest and a minority of the voting rights in 9 Story Media, the animation studio behind TV series such as "Doc McStuffins", "Daniel Tiger's Neighborhood", "Octonauts", "Wild Kratts" and "The Magic School Bus Rides Again".
The companies stated that the deal "solidifies" the more than two decades of collaboration between Scholastic Entertainment and 9 Story. The investment has been approved by the boards of directors of both companies and the shareholders of 9 Story. The transaction is expected to close in the first quarter of Scholastic's 2025 financial year, which begins on 1 June 2024, subject to customary closing conditions.