Reader's Digest Association Sells Assets of Gareth Stevens Publishing
Friday, June 26, 2009
Press release from the issuing company
NEW YORK -- The Reader's Digest Association, Inc. (RDA) has reached agreement to sell the assets of Gareth Stevens, Inc., to Roger Rosen, owner and CEO of Rosen Publishing, and Gary Spears, a co-founder of Gareth Stevens in 1984. Terms of the agreement were not disclosed.
Under the agreement, the assets will be sold to a new entity, Gareth Stevens Publishing, LLLP, and will operate under the name Gareth Stevens Publishing. RDA will provide transition services through the end of September, continuing to manage order processing, fulfillment and customer service in Strongsville, OH, until that time.
Gareth Stevens publishes nonfiction titles aligned with pre-K through high school curriculum objectives. It became part of RDA in 2007 when its parent company, WRC Media, and RDA merged.
"Gareth Stevens is a highly respected publisher in the school and library market," said Roger Rosen, who has been president and CEO of Rosen Publishing since 1980. "Gary and I have long admired its list and are committed to continued publishing in the Gareth Stevens tradition."
"We see exciting opportunities to continue building the brand in the school and library space through the print programs and new electronic product formats," said Gary Spears.
Gareth Stevens has been a unit of RDA's Weekly Reader Publishing Group, which had announced plans to focus exclusively on its core Weekly Reader brand.
RDA is a global multi-brand media and marketing company that educates, entertains and connects audiences around the world. With offices in 44 countries, it markets books, magazines, and music, video and educational products reaching a customer base of 130 million in 78 countries. Headquarters are in Pleasantville, N.Y.