Facts On File, Inc. News Services Acquisition Expands Company Assets
Infobase has announced that the company has reached an agreement with The Reader’s Digest Association, Inc. It will acquire the assets of Facts On File News Services.
About the Acquisition
The companies’ leaders announced the agreement:
- Mark McDonnell, President of Infobase Publishing, Inc.
- Michael Geltzeiler, President of the Reader’s Digest School & Educational Services Division.
Terms of the agreement were not disclosed.
The agreement reunites the two “Facts On File” businesses. Facts On File sold its News Services division in 1996 to WRC Media Inc. In March 2007, WRC merged with Reader’s Digest Association. Facts On File, Inc. is a leading provider of print and online reference products. It serves school and library markets.
Infobase’s McDonnell commented on the matter.
“We are delighted that Facts On File News Services will be with us again, and it gives me great pleasure to welcome it back into the fold. Bringing the two Facts On File organizations together again will eliminate confusion in the industry and create a larger, more focused company.”
More Facts On File News Services
RDA will keep one of the FOFNS products, Facts for Learning. It is a curriculum-based reference database. It uses digital content from Weekly Reader magazines, Gareth Stevens books, and other reference sources. Facts for Learning will remain as part of the Weekly Reader Publishing Group. This group is a unit of RDA’s School & Educational Services division.
“This is a ‘win-win’; for both organizations,” Geltzeiler said. “In returning to its roots, the Facts On File News Services will be reunited with its former organization, one that is dedicated exclusively to its sector of the education services industry. We look forward to a smooth transition and a positive outcome for all concerned. For Reader’s Digest Association, this move is consistent with our strategy for Weekly Reader Publishing Group to focus its resources on our core classroom curriculum products and constituencies.”
