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Weekly News Digest

July 23, 2007 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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Houghton Mifflin to Acquire Harcourt Divisions from Reed Elsevier

Houghton Mifflin Co. (www.hmco.com) announced that it has signed a definitive agreement to acquire the Harcourt Education, Harcourt Trade, and Greenwood-Heinemann divisions ("Harcourt"; www.harcourt.com) from Reed Elsevier (www.reedelsevier.com) for $4 billion in cash and stock. The sale represents the completion of Reed Elsevier’s plan, which it announced in February, to sell off its entire Harcourt Education division. (In May, Pearson (www.pearsoned.com) agreed to acquire Harcourt Assessment and Harcourt Education International from Reed Elsevier.)

Completion of the transaction, which is expected in late 2007 or early 2008, is subject to regulatory review. The combined business will be led by Tony Lucki, chairman, president, and CEO of Houghton Mifflin and former CEO of Harcourt Education and Harcourt, Inc.

Houghton Mifflin said the acquisition would strengthen its position in the highly competitive educational publishing business. The combination will serve to broaden and deepen the geographic reach of the combined sales forces and enable them to develop innovative, updated, and customer-focused technology and educational programs and products to meet the evolving needs of customers, educators, and students throughout the country

Boston-based Houghton Mifflin Co. merged with Riverdeep in 2006. The company publishes a set of educational solutions, ranging from research-based textbook programs to instructional technology to standards-based assessments for elementary and secondary schools and colleges. The company also publishes an extensive line of reference works and fiction and nonfiction for adults and young readers. Harcourt Education serves students and teachers in pre-K through grade 12, adult learners, and readers of all ages.

Source: Houghton Mifflin Co.



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