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Canada's Kids Can Press Is Sold To Media Group for C$6.1M
Beverly Slopen -- 8/31/98
The recent sale of Toronto's Kids Can Press to Nelvana, a major film and TV animation company, is a romantic and inspirational publishing story. Two young women with no capital but lots of talent, flexibility and a devotion to children's books, build a company that they sell for C$6.1 million.
Valerie Hussey, who will remain as president and CEO, and Ricky Englander, who will retire, were partners for 18 years in Kids Can Press, growing it from a small children's house to a company with annual sales of C$8.5 million, a backlist of 250 titles and an international reputation. Although Hussey was responsible for editorial, financial and production and Englander handled sales and marketing, they made decisions jointly.
Last year, they abandoned their cautious policy of licensing U.S. rights to their titles to American firms in favor of selling their books directly into the U.S. market. Hussey reports that they have met their sales target of C$1 million in sales in the first nine months.
Hussey plans to maintain Kids Can's current output of 45 to 50 titles a year. Although 60% of its list is nonfiction, Franklin the Turtle, the star of Kids Can's successful series created by Paulette Bourgeois, emerged as the matchmaker when Nelvana acquired animation and merchandising rights.
Nelvana's international hits include Babar, Pippi Longstocking, Little Bear and The Magic School Bus. Nelvana also has an agreement with CBS to produce its entire Saturday-morning slate of children's TV shows. Michael Hirsh, Nelvana's co-CEO, said, "As a company that derives 70% of its programming ideas from books, it makes sense to get closer to the source." He noted that Canadian material is especially desirable because grants and funding exist to produce these programs. Hirsh said the company would launch a Nelvana imprint that would publish four to six titles a year. "We can plan on building a franchise through books, television and merchandising," he said.
In addition, spinoffs from Nelvana's shows will be published in book form under the Nelvana imprint. Also, Kids Can's year-long co-marketing campaign with Stoddart Kids will end. Both imprints will continue to be distributed through General Distribution Services.
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