Wiley, Kluwer Acquire Two Pearson Units
Jim Milliot -- Publishers Weekly, 5/31/1999
Pearson has sold two more former Simon &Schuster properties that do not fit with its core businesses: the company reached preliminary agreements last week to sell Jossey-Bass to John Wiley &Sons and with Wolters Kluwer to sell the Bureau of Business Practices.In the deal for Jossey-Bass, Wiley agreed to pay $82 million to purchase the Pearson subsidiary. Based in San Francisco, Jossey-Bass publishes books for professionals in the areas of business, psychology and health management. The company issues approximately 200 titles annually and has a backlist of 1800. Sales are estimated at about $35 million.
A spokesperson for Wiley reported that Jossey-Bass will remain in San Francisco and will operate as a distinct unit within Wiley. Lynn D.W. Luckow will continue to oversee the company. Wiley president Will Pesce told PW that "we look forward to collaborating with the Jossey-Bass team, whom we hold in the highest regard, and are confident that there are many opportunities for the two companies to work together to generate incremental sales and profits."
The deal for Jossey-Bass closely follows Wiley's acquisition of 55 college titles from Pearson (News, May 24). Pesce said the two purchases "strengthen our market positions and leverage our infrastructure in core business areas."
In the second transaction, the Bureau of Business Practices was sold to Wolters Kluwer for $16 million. BBP, located in Waterford, Conn., publishes newsletters, reference books and training resources for business professionals.
The Jossey-Bass and BBP deals came one week after Pearson sold Appleton &Lange and Master Data Center for a total of $79 million (News, May 24). According to a Pearson spokesperson, the remaining units -- Prentice Hall Direct, Macmillan General Reference and Macmillan Library Reference -- will likely be sold by mid-June.
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