Egmont Publishing group has decided to sell their publishing activities in the USA as part of an overall strategic focus on market leading positions.
Recently merged Egmont Publishing, which at $900 million is the largest division in the Denmark-based Egmont group, employing 2,400 people across 30 countries, has a new strategic focus, which is to invest in books and magazine businesses where Egmont can hold a leading market position. One of the outcomes has been the decision to sell Egmont USA as a going concern and thereby exiting the standalone position in the US market, which they entered in 2009.
CEO of Egmont Publishing International Rob McMenemy said, “Since 2009, and starting from scratch, Egmont USA has built a Children’s Fiction and Young Adult Fiction list, and it has a strong plan for the future under the excellent leadership of MD and Publisher, Andrea Cascardi. The simple reason for selling the business is that it does not fit with the strategic position of Egmont Publishing only to invest in countries where we can have a market leading position. The company has a highly talented and experienced team, a readymade fiction list and a growing backlist. This makes it an attractive proposition for a children’s publisher looking for scale or a publisher looking to develop a children’s book business.”
Egmont has engaged Broadwater & Associates LLC, a New York-based investment banking firm specializing in publishing and other media and information businesses, to handle the divestiture.