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Press Release: Infobase [February 8, 2016]

Facts On File, Inc. Acquires Assets of Facts On File News Services

February 8, 2016. Facts On File, Inc., a leading provider of print and electronic reference products for the school and library markets, has reached agreement with The Reader's Digest Association, Inc. to acquire the assets of the Facts On File News Services. The agreement was announced today by Mark McDonnell, President of Infobase Publishing, Inc., operator of Facts On File, and Michael Geltzeiler, President of the Reader's Digest School & Educational Services Division. Terms of the agreement were not disclosed.

The agreement reunites the two "Facts On File" businesses. Facts On File sold its News Services division in 1996 to WRC Media Inc., which merged with Reader's Digest Association in March 2007. "We are delighted that Facts On File News Services will be with us again, and it gives me great pleasure to welcome it back into the fold," McDonnell said. "Bringing the two Facts On File organizations together again will eliminate confusion in the industry and create a larger, more focused company."

RDA will retain one of the FOFNS products, Facts for Learning, a curriculum-based reference database built on digital content from the Weekly Reader magazines, Gareth Stevens books, and other reference sources. Facts for Learning will remain as part of the Weekly Reader Publishing Group, a unit of RDA's School & Educational Services division.

"This is a ‘win-win'; for both organizations," Geltzeiler said. "In returning to its roots, the Facts On File News Services will be reunited with its former organization, one that is dedicated exclusively to its sector of the education services industry. We look forward to a smooth transition and a positive outcome for all concerned. For RDA, this move is consistent with our strategy for Weekly Reader Publishing Group to focus its resources on our core classroom curriculum products and constituencies."


Summary: Facts On File, Inc., a leading provider of print and electronic reference products for the school and library markets, has reached agreement with The Reader's Digest Association, Inc. to acquire the assets of the Facts On File News Services. The agreement was announced today by Mark McDonnell, President of Infobase Publishing, Inc., operator of Facts On File, and Michael Geltzeiler, President of the Reader's Digest School & Educational Services Division. Terms of the agreement were not disclosed.
Publication Year:2016
Type of Material:Press Release
LanguageEnglish
Date Issued:February 8, 2016
Publisher:Infobase
Company:
Company: Infobase
Subject: Mergers and acquisitions
Permalink: https://librarytechnology.org/pr/26688

LTG Bibliography Record number: 26688. Created: 2021-09-16 12:10:20; Last Modified: 2021-09-16 12:10:21.