|HarperCollins finalizes acquisition of Thomas Nelson|
|Wednesday, 11 July 2012 02:02 PM EDT|
HarperCollins Publishers has finalized the acquisition of Thomas Nelson. The takeover was announced last October when HarperCollins—a subsidiary of Rupert Murdoch's News Corp. that is also the parent company of Zondervan—had agreed to acquire the Nashville-based publisher "for an undisclosed sum."
Thomas Nelson will continue to operate as an independent company with its unique editorial focus on inspirational and Christian content. Details, such as how Thomas Nelson will benefit from HarperCollins global print and digital platform, will be forthcoming.
With the closing announced today, "HarperCollins is focused on evaluating all activities in North America and how it can best work to serve its authors and customers," said Casey Harrell, director of corporate communications at Thomas Nelson. "HarperCollins has stated that they intend to continue to publish under both the Thomas Nelson and Zondervan brands each with its own unique editorial focus. The two companies have different, though complementary missions, and they will continue to keep those missions intact."
Mark Schoenwald, president and CEO of Thomas Nelson, said earlier that the transaction represented "an attractive strategic fit for our company," adding that Nelson intended to "capitalize on the many opportunities" presented by association with HarperCollins.