In the largest international merger involving a Chinese publishing house, Phoenix Media acquired the children’s book business of US publisher Publications International Ltd. (PIL) for US$80 million, Xinhua News Agency reported Wednesday.
The acquisition covers all the children’s book business assets owned by Illinois-based PIL, including its overseas units in Germany, France and Mexico, the report said.
The US company’s children’s book business includes not only print publications but also a chain of cultural products, including audio children’s books and early childhood educational products, which is an advantageous supplement to Phoenix’s product chain, a spokesman of the Chinese company was quoted as saying.
Phoenix Media is a wholly owned subsidiary of Jiangsu Phoenix Publishing Co. Ltd. (601928.CN), based in Nanjing.
PIL, founded in 1967, mainly publishes and markets children’s books, cooking books and popular science books, the report said.
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