Scholastic Buys Snyder
by Staff -- Publishers Weekly, 1/7/2002
Torstar Corp. divested the final piece of its supplementary education unit last month when it sold Tom Snyder Productions to Scholastic. Scholastic paid $9 million for Snyder, a publisher of interactive software, along with its Soup2Nuts animated television production arm. Annual sales are $15 million.
Snyder will continue to be based in Watertown, Mass., under the direction of Rick Adams. The company will become part of Scholastic's interactive educational software division, while Soup2Nuts will become part of Scholastic Entertainment group.
The sale of Snyder ends Torstar's unsuccessful attempt to build a U.S.-oriented supplementary education publisher. The company acquired and then sold Troll, Frank Schaffer Publications and Delta Education in addition to Snyder.
