NEW YORK, Aug. 7 /PRNewswire/ -- Facts On File, Inc., a leading
provider of print and electronic reference products for the school and
library markets, has reached agreement with The Reader's Digest
Association, Inc. to acquire the assets of the Facts On File News Services.
The agreement was announced today by Mark McDonnell, President of Infobase
Publishing, Inc., operator of Facts On File, and 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 1999 to WRC Media Inc., which
merged with Reader's Digest Association in March 2007.
"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,"
McDonnell said. "Bringing the two Facts On File organizations together
again will eliminate confusion in the industry and create a larger, more
focused company."
RDA will retain one of the FOFNS products, Facts for Learning, a
curriculum-based reference database built on digital content from the
Weekly Reader magazines, Gareth Stevens books and other reference sources.
Facts for Learning will remain as part of the Weekly Reader Publishing
Group, 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 RDA, this move is
consistent with our strategy for Weekly Reader Publishing Group to focus
its resources on our core classroom curriculum products and
constituencies."
Infobase Publishing is one of America's leading providers of
supplemental educational materials to the school and library markets. The
company publishes books, online databases, videos and digital products
under such well-known names as Facts On File, Films for the Humanities &
Sciences, Cambridge Educational, Chelsea House, Bloom's Literary Criticism
and Ferguson Publishing. Infobase Publishing's headquarters are in New York
City.
The Reader's Digest Association, Inc. is a global publisher and direct
marketer of books, magazines, music collections and video with customers in
more than 70 countries. The company publishes 77 magazines, including 50
local-country editions of its flagship, Reader's Digest, the world's most
widely read magazine. RDA's headquarters are located near Pleasantville,
New York. The corporate website is http://www.rda.com.
SOURCE The Reader's Digest Association, Inc.
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Related links:
http://www.rda.com
CONTACT:
William Adler, Global Communications of The
Reader's Digest Association, Inc., +1-914-244-7585,
william_adler@rd.com; or Laurie Katz, Investor Relations of
Infobase Publishing, Inc., +1-212-896-4269
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