In its recently released quarterly filing with the Securities & Exchange Commission, John Wiley reported that it received “approximately $22 million in cash” from Google for its travel related properties that include Frommer’s, WhatsonWhen and Unofficial Guides. The price is close to earlier reports that put the deal at $23 million. Wiley said it will record a gain on the sale of approximately $6.6 million, net of tax, in the second quarter of fiscal year 2013. In connection with the sale, Wiley entered into a transition services agreement with Google.
The filing also shows that Wiley paid $1.5 million for the assets of Trader’s Library, assuming sales for 154 products, mostly videos. Traders' Library is a book publishing and distribution company targeting the investment community. Anticipated annual revenue is approximately $1 million.
The publisher company has also announced some changes to its board of directors following its annual meeting. Newly elected to the board was Jesse C. Wiley, a seventh-generation descendant of the company’s founder, while Bradford Wiley II, a board member since 1979 and its chairman from 1993-2002, retired. Also retiring from the board was Warren J. Baker, a board member since 1993 and the president emeritus of California Polytechnic State University at San Luis Obispo. Jesse Wiley has been involved in the company’s day-to-day operations since 2003 and is currently responsible for digital and new business initiatives within Wiley’s Professional/Trade business under the Jossey-Bass and Pfeiffer imprints.