News Corp. acquires Harlequin from Torstar Corporation for $455 million in cash
The publishing division of Rupert Murdoch’s media empire, News Corp, has made a major book publishing acquisition, buying Harlequin Enterprises from Torstar Corporation for $455 million (CAD) in cash.
Torstar Corporation is a Canadian media company which publishes the Toronto Star. Harlequin, according to News Corp, had revenues of $398 million (CAD) last year and EBITDA of $56 million (CAD), making the acquisition an excellent deal for News Corp based on standard M&A multiples.
“Harlequin is a perfect fit for the new News Corp, vastly expanding our digital platform, extending our reach across borders and languages, and is expected to provide an immediate lift to earnings,” Robert Thomson, Chief Executive of News Corp, said in the announcement. “Harlequin has a devoted audience around the globe and an empathetic insight into contemporary cultures, which is itself a remarkable resource. This acquisition will broaden the boundaries of both HarperCollins and Harlequin, and is a significant step in our strategy to establish a network of digital properties in the growth regions of the world.”