NEW YORK, May 11, 1999 -- William J. Pesce, President & Chief Executive Officer of John Wiley & Sons, Inc., announced today that Wiley has acquired certain publishing assets from Pearson Education including college textbooks and instructional packages in biology/anatomy and physiology, engineering, mathematics, economics/finance and teacher education. It is expected that the results of this acquisition should be neutral to Wiley’s earnings in the first year of operation with a positive contribution to EPS and operating margins thereafter.
“This acquisition is a rare opportunity to acquire a list of highly regarded titles that complements our college publishing program. The acquisition will accelerate the profitable growth of our college business and strengthen our position in several key markets,” said Mr. Pesce. Wiley is one of the world’s leading college publishers in its target markets, including the sciences, engineering, mathematics and accounting. The purchase price was approximately $58 million in cash.
This transaction, which closed on May 10, is an outgrowth of Pearson’s acquisition of the Simon & Schuster education, reference, and business and professional operations last year. As a result of its review of that acquisition, Pearson and the Department of Justice entered into a consent decree requiring Pearson to divest certain titles.
Founded in 1807, John Wiley & Sons, Inc., is an independent, global publisher of print and electronic product, specializing in textbooks and educational materials for colleges and universities; professional and consumer books and subscription services; 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.