Monday, November 15, 1999
NEW YORK, November 15, 1999 -- Stephen A. Kippur, Executive Vice President and President, Professional/Trade Publishing, John Wiley & Sons, Inc., (NYSE:JWa) (NYSE:JWb), and Steven Berkowitz, President, IDG Books Worldwide, Inc., (NASDAQ:IDGB), announced today that Wiley has acquired the J.K. Lasser tax and financial guides from the California-based IDG Books Worldwide.
As a result of the transaction, Wiley has gained, among other titles, J.K. Lasser's Your Income Tax 2000: The Most Complete and Easy-to-Use Tax Guide for 1999 Returns, as well as the trademark/brand franchise and the J.K. Lasser staff.
“We are acquiring a well-known brand name that strengthens our established presence in the tax and finance publishing market,” said Mr. Kippur. “The acquisition will allow us to differentiate between two market leaders and offer our customers an outstanding array of financial planning products.” Wiley is the publisher of a number of best-selling Ernst & Young books, including The Ernst & Young Tax Guide and The Ernst & Young Tax-Savers Guide. Ernst & Young LLP is a leading professional services firm with over 21,000 professionals in nearly 100 U.S. locations.
“The J.K. Lasser business was part of our Macmillan General Reference acquisition this past August,” said Mr. Berkowitz. “IDGB has built its publishing strength in the tax, finance, and business categories using the For Dummies® brand, and we recently launched our first CliffNotes™ titles in the business category. Our focus on these key brands in these publishing categories led us to conclude that J.K. Lasser did not fit our strategic objectives and that the maximum value to IDGB would be achieved though the sale of that business.”
Founded in 1807, John Wiley & Sons, Inc., is an independent, global publisher of print and electronic product, specializing in professional and consumer books and subscription services; textbooks and educational materials for colleges and universities; as well as scientific and technical books and journals. Wiley has publishing, marketing, and distribution centers located in the U.S., Canada, Europe, Asia, and Australia. The company's Class A and Class B shares are listed on the New York Stock Exchange under the symbols JWa and JWb, respectively. Wiley's Internet site can be accessed at http://www.wiley.com.
IDG Books Worldwide, Inc. (NASDAQ:IDGB), headquartered in Foster City, Calif., is a leading global knowledge company with a diverse portfolio of technology, consumer, and general how-to book brands, computer-based learning tools, Web sites and Internet e-services. IDGB's best-selling brands include For Dummies®, 3-D Visual®, CliffNotes™, Frommer's®, Betty Crocker's®, Weight Watcher's®, and Webster's New World™. The company has more than 4,000 active titles, plus translations in 36 languages around the world. More information about IDGB is available from the company's SEC filings or visiting the company Web site at www.idgbooks.com. IDGB is a subsidiary of International Data Group, Inc., a leading global provider of information technology media, research, conferences, and expositions.