'Media Tycoon' Rupert Murdoch Acquires Prominent US Publishing House This Time

Houghton Mifflin Harcourt, No.1 in US Textbook Market, Acquired for 395.2 Billion KRW

▲One of the bestsellers published by Houghton Mifflin Harcourt, J. R. R. Tolkien's 'The Lord of the Rings' [Image source=AP News]

[Asia Economy Reporter Kwon Jae-hee] News Corporation (News Corp), led by 'media tycoon' Rupert Murdoch, is set to acquire Houghton Mifflin Harcourt, the leading publisher in the U.S. textbook market, AP News reported on the 29th (local time).

According to the report, News Corp is acquiring Houghton Mifflin Harcourt for $349 million (approximately 395.2 billion KRW). Houghton Mifflin Harcourt is well-known for publishing steady sellers such as George Orwell's 1984 and J. R. R. Tolkien's The Lord of the Rings.

News Corp announced plans to operate Houghton Mifflin Harcourt through its subsidiary, HarperCollins, the second largest publisher in the U.S. market.

News Corporation stated, "HarperCollins will be strengthened to target children and young audiences," adding, "HarperCollins welcomes many distinguished authors who have worked with Houghton Mifflin Harcourt, including J.R.R. Tolkien, Virginia Woolf, and George Orwell."

HarperCollins expects to achieve cost savings exceeding $20 million annually within two years through efficiencies in manufacturing, distribution, and other areas.

Regarding potential layoffs resulting from this acquisition, the company said, "No decisions have been made yet."

Recently, News Corp has been focusing on strengthening its publishing division. Last November, it entered the bidding for Simon & Schuster, the third largest U.S. publisher known for bestsellers by Bob Woodward, Dan Brown, and Stephen King, but failed to acquire it.

Meanwhile, this deal is still pending approval from the federal government.

This content was produced with the assistance of AI translation services.