Hachette Book Group, a subsidiary of Lagardère of France, is buying the US-based privately-owned Workman Publishing for $240m.
Workman was founded in 1968 by Peter Workman and has a backlist of 3,500 titles and a reputation for encouraging author and illustrator talent with a focus on children and young adult fiction and lifestyle non-fiction. Key properties include the What To Expect and Brain Quest series.
The company made $134m in revenue in 2020, 75% from backlist income. The What to Expect When You’re Expecting has generated sales of 40m units over many years, for example. Founder of the company, Peter Workman died in 2013 and his widow has been running the company; Carolan Workman will now retire. The deal is subject to regulatory approval with the newly-acquired company being the eighth publishing imprint under the Hachette umbrella in a rapidly consolidating market.
