Wiley to Divest Selected Publishing Assets
03/07/2012| 03:05pm US/Eastern
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Strategic realignment of resources will address marketplace changes,
accelerate Wiley's digital transformation, and drive long-term growth
John Wiley & Sons, Inc. (NYSE: JWa, JWb), today announced it has
retained Allen & Company LLC to explore the sale of a number of consumer
print and digital publishing assets in its Professional/Trade business
that no longer align with the company's long-term strategies. The assets
are in travel (including the well-known Frommer's brand), culinary,
general interest, nautical, pets, crafts, Webster's New World, and
CliffsNotes.
The planned divestiture follows a strategic review of the company's
Professional/Trade business portfolio. Our strategic focus will center
on those opportunities that meet strong global demand for high-quality
information for professionals and lifelong learning enabled by new
technology.
"We plan to drive long-term growth, accelerate our digital
transformation, and optimize our return on investment by investing in content
and services that provide our customers in research, learning and
professional practice with knowledge resources that help them to realize
their professional and personal goals," said Stephen M. Smith, Wiley's
President and Chief Executive Officer. "As a result, Wiley will re-deploy
resources in its Professional/Trade business to build on its global
market-leading positions in business, finance, accounting, leadership,
technology, architecture, psychology, education, and through the For
Dummies brand."
In Wiley's fiscal year ending April 30, 2011, the publishing assets
offered for sale generated approximately $85 million of revenue. "These
renowned programs, which produce print books, e-books, and online
products and services under highly recognizable global brands, have
contributed greatly to Wiley's success. I am confident that they will
continue to generate significant benefits for new owners providing the
focused commitment needed to achieve their full strategic potential,"
Mr. Smith noted.
No categories from the Company's global Scientific, Technical, Medical,
and Scholarly and Global Education operating units will be included in
this planned sale.
About Wiley
Founded in 1807, John Wiley & Sons, Inc., has been a valued source of
information and understanding for more than 200 years, helping people
around the world meet their needs and fulfill their aspirations. Wiley
and its acquired companies have published the works of more than 450
Nobel laureates in all categories: Literature, Economics,
Physiology/Medicine, Physics, Chemistry and Peace.
Wiley's core businesses include scientific, technical, medical, and
scholarly (STMS) journals, encyclopedias, books and online products and
services; professional/trade books, subscription products, training
materials, online applications and Web sites; and educational materials
for undergraduate and graduate students and lifelong learners. Wiley's
global headquarters are located in Hoboken, N.J., with operations in the
U.S., Europe, Asia, Canada and Australia. The company's Web site can be
accessed at www.wiley.com.
The company is listed on the New York Stock Exchange under the symbols
JWa and JWb.
Media:
Wiley
Susan Spilka, 201-748-6147
sspilka@wiley.com
or
Investors:
Wiley
Brian
Campbell, 201-748-6874
bcampbel@wiley.com
© Business Wire 2012
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