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Press Release: Hachette [August 17, 2021]

Hachette Book Group to acquire Workman Publishing

New York, NY -- August 16, 2021. Hachette Book Group and Workman Publishing announced today that they have entered into a binding commitment for Hachette to acquire Workman, one of the largest and most respected independently owned book publishers in the US. The transaction is expected to close after regulatory approval is received.

Michael Pietsch, CEO of Hachette Book Group, said "We have admired Workman for decades, marveling at the spirit of innovation that drives their business, their strong brand franchises, their focus on backlist, the work culture they have nurtured, and the outstanding reputation they have established among authors, agents, booksellers, and the media. I could not be more thrilled to welcome Workman's incredibly talented employees and their brilliant authors and illustrators to Hachette. The Workman program will powerfully complement HBG's existing publishing programs, and this acquisition will unlock new opportunities for growth in exciting directions."

Carolan Workman, Executive Chair and President of Workman, said, "When Peter Workman launched our quirky little company over a half-century ago, it marked the beginning of a bold and joyful voyage. All these many years later, when I recognized that the time had come for Workman to have a new home, my first and foremost goal was to find a place where Workman's unique culture could prosper long into the future, a place where we could nurture and protect our greatest assets: our authors, illustrators, and, most of all, our amazingly wonderful staff. I am so happy to be joining with Hachette. They clearly respect not only what we are but who we are. I truly believe that our two companies will thrive together in this partnership."

Dan Reynolds, CEO of Workman, said "Workman is defined by the brilliant leadership of Peter and Carolan Workman, and I am grateful that their work and, most importantly, their values will live on under new ownership. As I'm getting to know Hachette and their leadership team, I am ever more confident Workman will not only prosper in the days and years to come but remain an innovative leader in book publishing."

Workman Publishing will become HBG's eighth publishing group, comprising the imprints Workman, Algonquin, Algonquin Young Readers, Artisan, Storey Publishing, and Timber Press. The new group will be led by Dan Reynolds, who will report to CEO Michael Pietsch and will join HBG's Executive Management Board. Carolan Workman will retire at the close of the transaction.

Workman publishes award-winning content across many strong categories including cookbooks, parenting/pregnancy guides, gardening, country living, humor, children's books, gift books, fiction, audio, and a bestselling calendar line. Workman's imprints are fixtures in the publishing industry with tremendous brand recognition and a track record of consistently finding, cultivating, and developing truly unique and remarkable titles. Workman has developed many of today's best-known publishing franchises such as WHAT TO EXPECT, BRAIN QUEST, and Page-a-Day calendars.

About Hachette Book Group

Hachette Book Group is a leading trade publisher based in New York and a division of Hachette Livre (a Lagardère company), the third-largest trade and educational publisher in the world. HBG is made up of seven publishing groups: Little, Brown and Company, Grand Central Publishing, Perseus Books, Little, Brown Books for Young Readers, Hachette Nashville, Orbit, and Hachette Audio. HBG also provides a wide range of custom distribution, fulfillment, digital and sales services to third-party publishers.

About Workman Publishing

Workman Publishing Co., Inc., is an independently owned family of publishers, including Workman Publishing, Workman Audio, Algonquin Books of Chapel Hill, Algonquin Young Readers, Artisan, Storey Publishing, and Timber Press. Workman also is the distributor for The Experiment, duopress, Erewhon Books, and Familius. Workman publishes award-winning children's books, cookbooks, parenting/pregnancy guides, and books on gardening, country living, and humor, as well as gift books, fiction, audio, and the bestselling calendar line in the business. The company is headquartered in New York City's Greenwich Village, with additional offices in Chapel Hill, North Carolina; North Adams, Massachusetts; and Portland, Oregon. For more information, visit workman.com


Summary: Hachette Book Group and Workman Publishing announced that they have entered into a binding commitment for Hachette to acquire Workman, one of the largest and most respected independently owned book publishers in the US. The transaction is expected to close after regulatory approval is received.
Publication Year:2021
Type of Material:Press Release
LanguageEnglish
Date Issued:August 17, 2021
Publisher:Hachette
Company:
Company: Hachette
Subject: Mergers and acquisitions
Permalink: https://librarytechnology.org/pr/26588

LTG Bibliography Record number: 26588. Created: 2021-08-17 07:20:57; Last Modified: 2021-08-17 07:21:06.