The private investment group Wasserstein & Co. has acquired Recorded Books, the audiobook publisher and distributor of digital content to the library and retail markets, from Haights Cross Communications. Terms of the deal were not disclosed.
No immediate changes are expected at Recorded Books which began as an audiobook publisher and now offers more than 13,500 unabridged audiobooks to the library, school, and retail markets. Its biggest initiative in recent years has been the development of its OneClick Digital platform, which now distributes over 100,000 e-book titles to libraries. Earlier this month, Recorded Books added Random House e-book titles to OneClick.
In commenting on the deal, Anup Bagaria, co-managing partner of Wassertein, pointed to Recorded Books’ track record in the audio industry and to its move into digital business as reasons for their purchase of the company. “With a proven management team, a portfolio of high quality exclusive content, and proprietary technology, Recorded Books is well-positioned to capitalize on the shift from physical audiobook formats to digital content” Bagaria said in a statement.
Recorded Books is led by Rich Freese who said the deal with Wassertein will provide Recorded Books “with the resources to further broaden our content offerings and services for customers, and accelerate our growth into additional global markets.” In addition to the U.S. ,Recorded Books has operations in the U.K. and Australia.
Among Wassertein’s other media holdings are Penton Media and New York Magazine.