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Houghton Mifflin Harcourt

May 04, 2023

Houghton Mifflin Harcourt (/ˈhoʊtən/;[9] HMH) is an American publisher of textbooks, instructional technology materials, assessments, and reference works. The company is based in the Boston Financial District.

Houghton Mifflin Harcourt Company
Founded1832; 191 years ago (1832)
(as Ticknor and Allen)
Country of originUnited States
Headquarters locationBoston, Massachusetts, United States[1]
DistributionSelf-distributed (US)[2]
Raincoast Books (Canada trade)[3]
Nelson (Canada textbooks)[4]
Melia Publishing Services (UK)[5]
Hachette Client Services (Latin America, South America, Asia and Europe)[6]
Peribo (Australia)[7]
Key peopleJack Lynch
(President & CEO)[8]
Publication typesBooks, software
ImprintsGraphia, Sandpiper, HMH Books for Young Readers, John Joseph Adams Books
Revenue $1.41 billion (2017)
Owner(s)Veritas Capital
No. of employees4,000+
Official websitewww.hmhco.com
www.hmhbooks.com

It was formerly known as Houghton Mifflin Company, but it changed its name following the 2007 acquisition of Harcourt Publishing.[10] Prior to March 2010, it was a subsidiary of Education Media and Publishing Group Limited, an Irish-owned holding company registered in the Cayman Islands and formerly known as Riverdeep. In 2022, it was acquired by Veritas Capital, a New York-based private-equity firm.

History

 
Houghton Mifflin Harcourt at 222 Berkeley Street, Boston, Massachusetts

Ticknor and Allen, 1832

In 1832, William Ticknor and John Allen purchased a bookselling business in Boston and began to involve themselves in publishing; James T. Fields joined as a partner in 1843. Fields and Ticknor gradually gathered an impressive list of writers, including Ralph Waldo Emerson, Nathaniel Hawthorne, and Henry David Thoreau.[11] The duo formed a close relationship with Riverside Press, a Boston printing company owned by Henry Oscar Houghton. Houghton also founded his own publishing company with partner Melancthon Hurd in 1864, with George H. Mifflin joining the partnership in 1872.[12]

In 1878, Ticknor and Fields, now under the leadership of James R. Osgood, found itself in financial difficulties and merged its operations with Hurd and Houghton. The new partnership, named Houghton, Osgood and Company, and based in Boston's Winthrop Square,[13] held the rights to the literary works of both publishers.[14] When Osgood left the firm two years later, the business reemerged as Houghton, Mifflin and Company. Despite a lucrative partnership with Lawson Valentine, Houghton, Mifflin and Company still had debt it had inherited from Ticknor and Fields, so it decided to add partners. In 1884, James D. Hurd, the son of Melancthon Hurd, became a partner. In 1888, three others became partners as well: James Murray Kay, Thurlow Weed Barnes, and Henry Oscar Houghton Jr.[15]

Shortly thereafter, the company established an Educational Department, and from 1891 to 1908, sales of educational materials increased by 500 percent. The firm incorporated in 1908, changing its name to Houghton Mifflin Company.[16] Soon after 1916, Houghton Mifflin became involved in publishing standardized tests and testing materials, working closely with such test developers as E. F. Lindquist. By 1921, the company was the fourth-largest educational publisher in the United States.

In 1961, Houghton Mifflin famously passed on Julia Child's Mastering the Art of French Cooking, giving it up to Alfred A. Knopf who published it in 1962. It became an overnight success, and is considered by many to be the bible of French cooking. Houghton Mifflin's strategic error was depicted in the 2009 film Julie & Julia.

In 1967, Houghton Mifflin became a publicly traded company on the New York Stock Exchange under the stock symbol HTN.

In 1979, Houghton Mifflin acquired the complete catalog of Parnassus Press,[17][18][19] a Berkeley, California small press, established in 1957 by Herman Schein, the husband of writer-illustrator Ruth Robbins.[20][21][22][23] Works by authors included: Ursula K. Le Guin, Theodora Kroeber, Nicolas Sidjakov, Edward Ormondroyd, Charlotte Zolotow, Anne B. Fisher, Allen Say, Beverly Cleary, Crawford Kilian, Adrien Stoutenburg, and Sam DeWitt. In 1979, Houghton Mifflin acquired Clarion Books, the children's division of Seabury Press.[24] In 1980, Houghton Mifflin acquired the educational publishing operations of Rand McNally.[25]

Under (new from 1991) president Nader F. Darehshori Houghton Mifflin acquired McDougal Littell in 1994, for $138 million, an educational publisher of secondary school materials,[26] and the following year acquired D.C. Heath and Company,[27] a publisher of supplemental educational resources. In 1995, the company acquired Chapters Publishing, a publisher of cooking, garden, and craft titles.[28] In 1996, the company created their Great Source Education Group to combine the supplemental material product lines of their School Division, McDougal Littell, and Heath.

In 1998, HMH announced a sub-brand called LOGAL Software, which was to release a new line of interactive science software called Science Gateways, to support the United States curriculum.[29] As of 2017, Houghton Mifflin Harcourt is offering the "Logal Science" brand as a licensing opportunity on its website.[30]

In 2017, it was announced that Houghton Mifflin Harcourt would be getting involved in TV production with a planned 2019 Netflix series that will revive the Carmen Sandiego franchise.[31]

Mergers and acquisitions activities, 2001–

Mergers and acquisitions (M&A) activities have had major effects on this company.

Vivendi purchase

In 2001, Houghton Mifflin was acquired by French media giant Vivendi Universal for $2.2 billion, including assumed debt. Vivendi Universal already owned the British children's publisher Kingfisher, which became a Houghton Mifflin imprint.[32] In 2002, facing mounting financial and legal pressures, Vivendi sold Houghton to private equity investors Thomas H. Lee Partners, Bain Capital, and Blackstone Group for $1.66 billion, including assumed debt (approximately 25% less than Vivendi had paid a year earlier).[33][34]

Riverdeep merger with Houghton Mifflin

On December 22, 2006, it was announced that Riverdeep PLC had completed its acquisition of Houghton Mifflin. The new joint enterprise would be called the Houghton Mifflin Riverdeep Group. Riverdeep paid $1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners, Bain Capital, and Blackstone Group.[35] Tony Lucki, a former non-executive director of Riverdeep, remained in his position as the company's chief executive officer until April 2009.[36]

Houghton Mifflin sold its professional testing unit, Promissor, to Pearson plc in 2006.[37] The company combined its remaining assessment products within Riverside Publishing, including San Francisco-based Edusoft.

Harcourt merger

On July 16, 2007, Houghton Mifflin Riverdeep announced that it signed a definitive agreement to acquire the Harcourt Education, Harcourt Trade, and Greenwood-Heinemann divisions of Reed Elsevier for $4 billion. The expanded company would become Houghton Mifflin Harcourt. McDougal Littell was merged with Harcourt's Holt, Rinehart & Winston to form Holt McDougal.

In October 2007, Houghton Mifflin sold Kingfisher to Macmillan Publishers.[38]

On December 3, 2007, Cengage Learning (formerly Thomson Learning) announced that it had agreed to acquire the assets of the Houghton Mifflin College Division for $750 million, pending regulatory approval.

On November 25, 2008, Houghton Mifflin Harcourt announced a temporary freeze on acquisition of new trade division titles, allegedly in response to the economic crisis of 2008.[39] The publisher of the trade division resigned, apparently in protest.[40] Many observers familiar with the publishing industry saw the move as a devastating blunder.[41][42]

Harcourt Religion was sold to Our Sunday Visitor in 2009.[43]

Houghton Mifflin Harcourt restructuring

On July 27, 2009, the Irish Independent newspaper reported that Houghton Mifflin Harcourt's controlling shareholder EMPG was in the process of a re-structuring negotiations with its unsecured-debt holders that would lead to the conversion of the debt into equity. The news story reported that the unsecured debt holders would receive a 45% equity stake. As a result, the royal family of Dubai via their Istithmar World Capital investment vehicle became major stakeholders.[44] Estimates were that EMPG would cut its debt from $7.3bn to $6.1bn. On August 15, 2009, the Financial Times reported in an interview with Houghton Mifflin Harcourt's CEO at the time, Barry O'Callaghan, that the refinancing had received approval of more than 90% of lenders. The terms included the holding company debt converting into 45% of the fully diluted common equity, an effective 25 percent relaxation of financial covenants, second lien lenders agreeing to convert their holdings into a PIK instrument, reducing annual interest costs by $100m, and a further $50m increase its working capital facility.[45]

Second round restructuring

A further restructuring of Houghton Mifflin Harcourt's debts was confirmed by the company on January 13, 2010.[46] The proposed restructuring materially impacted the shareholders of EMPG, the former holding company of Houghton Mifflin Harcourt.[47]

Recapitalization in 2010

On February 22, 2010, Houghton Mifflin Harcourt announced that EMPG and HMH had reached an agreement to restructure the finances of the company and recapitalize its balance sheet with a substantial fresh cash investment by institutional investors.[48]

The agreement, supported by 100% of HMH's creditors, highlighted a reduction in the senior debt to $3 billion from the current $5 billion, with new equity issued to the senior debt holders (including Paulson & Co. and Guggenheim Partners),[49] conversion of the $2 billion mezzanine debt into equity and warrant, receipt of $650m of new cash from the sale of new equity. In addition to the key highlights, HMH announced its new $100m Innovation Fund, to invest in the next generation of technology for the education industry.

The Irish Times[50] reported that the investments by the then equity holders of EMPG, including HMH's CEO at the time, Barry O'Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others of over $3.5 billion would be written down to zero. Additionally, the Irish Independent reported that following the restructuring, the investors of EMPG would have a nominal investment in Houghton Mifflin Harcourt via warrants over 5% of the company if it exceeded the $10 billion valuation[51] placed on the company at the time of the merger between Houghton Mifflin Riverdeep and Harcourt. In addition to the warrants in HMH, the EMPG shareholders would continue to own a stake in the international investment vehicle, EMPGI which has stakes in China, the Middle East and elsewhere.

The Financial Times reported[52] that no management changes were expected as part of the deal with both the CEO at the time, Barry O'Callaghan and the CFO, Michael Muldowney expected to remain in their roles. The Times reported that a new nine-member board was to be created with the CEO the only executive representative, one independent, two representative of Paulson & Co, and one director from each of Apollo, BlackRock, Guggenheim Partners, Fidelity and Avenue Capital.

On March 10, 2010, Houghton Mifflin Harcourt announced that it had completed its re-capitalization.[53] In addition to a new investment of $650 million of equity, the debt levels of the company were reduced by approximately 60% and the annual interest payments by over 75%. According to the Irish State Broadcaster, RTÉ, the old equity investors based in Ireland has lost all their investment.[54] The Irish Independent reported that the old shareholders were denied a shareholders meeting to vote or discuss the restructuring.[55] The former shareholders have been left with warrants over 5% of the company, in the case its value recovers to previous levels.

On September 19, 2011, it was announced that Linda K. Zecher would be replacing Barry O'Callahan as chief executive officer and Director of Houghton Mifflin Harcourt after O'Callahan resigned. In July 2012, Zecher detailed her plans for post-bankruptcy to D.C. Denison at The Boston Globe.[56] Zecher went to HMH from Microsoft.[57]

In 2012, HMH acquired the culinary and reference portfolio of John Wiley & Sons, including CliffsNotes and Webster's New World Dictionary.[58]

The company went public in November 2013.[59]

In 2014, Houghton Mifflin Harcourt sponsored Curious George (TV series) on PBS Kids replacing Chuck E. Cheese.

On May 13, 2014, HMH bought Channel One News. In 2015, Houghton Mifflin struggled to find a charity that would accept royalties for Mein Kampf by Adolf Hitler.[60]

On February 15, 2017, John J. ("Jack") Lynch, Jr., the former CEO of Renaissance Learning, was named the new CEO of Houghton Mifflin Harcourt.[61]

In 2018, HMH sold its Steck-Vaughn adult education titles to Paxen Publishing and its Riverside test publishing subsidiary to Alpine Investments.[62][63]

In April 2023, HMH acquired NWEA, a not-for-profit academic assessment company.[64][65]

Sale of publishing assets to HarperCollins

On March 29, 2021, The Wall Street Journal reported that HarperCollins, a division of American mass media and publishing company News Corp, had reached a deal to buy HMH Books & Media for US$349 million. The sale includes HMH's trade publishing division and computer game franchises such as Carmen Sandiego and The Oregon Trail. The deal would allow HMH to pay down its debt so it could further its digital-first strategy in educational publishing.[66] The deal was completed on May 10.[67]

Acquisition by Veritas Capital

On February 22, 2022, a tender offer was announced by Veritas Capital to acquire HMH at a price of $21 per share, or about $2.8 Billion.[68] The tender deadline was originally April 1, before being extended to April 6 on March 29.[69] Prior to the tender date, the stock generated a lot of hype on internet forum WallStreetBets, with over 36,000 contracts traded for the June 17th $22.5 strike price call options.[70] Many investors purchased call options based on numerous reports from institutional investors with large stakes in the company, claiming that the $21 per share offer was undervaluing the company.[71] On April 6, 57% of $HMHC shares were put up for tender, leading to the tender offer going through and HMH going private.[72] Once the sale was completed, the stock of Houghton Mifflin Harcourt was delisted from Nasdaq.

Leadership changes

On September 22, 2016, Zecher resigned from HMH and was replaced by Interim CEO and Board Member L. Gordon Crovitz. Crovitz is a former publisher of the Wall Street Journal.[73] On February 15, 2017, John J. "Jack" Lynch Jr., the former CEO of Renaissance Learning, was named the new CEO of HMH.[74]

Lynch brought former employee Jim O'Neill back to the company to lead the core division as GM and EVP.[75]

Catalog

HMH is also formerly home to media brands like Carmen Sandiego and The Oregon Trail; and brands including The Whole30; The Best American Series; The American Heritage and Webster's New World Dictionaries; Better Homes and Gardens; How to Cook Everything; the Peterson Field Guides; CliffsNotes; and many children's books, including the "Curious George" series and The Little Prince; as well as publishing the works of J. R. R. Tolkien for United States distribution.[citation needed]

Some other noted books include:

See also

References

  1. ^ "About Us: Offices" (Text). Retrieved May 1, 2019.
  2. ^ "The 2016 Book Distributors Profiles – Publishing Trends". Retrieved December 25, 2017.
  3. ^ "Houghton Mifflin Harcourt" (Text). Retrieved December 25, 2017.
  4. ^ Cavanagh, Sean (November 13, 2017). "Canadian Publisher Nelson, Houghton Mifflin Harcourt Strike Deal on Distribution". Market Brief. Retrieved January 21, 2018.
  5. ^ "About: Melia". Retrieved December 25, 2017.
  6. ^ Hachette – Our Clients
  7. ^ "Prelude Books". Retrieved February 12, 2018.
  8. ^ "About Us: Leadership" (Text). Retrieved May 1, 2019.
  9. ^ . Archived from the original on December 23, 2007. Retrieved December 23, 2008.{{cite web}}: CS1 maint: bot: original URL status unknown (link) Houghton Mifflin. Archived from the original on December 13, 2007.
  10. ^ . investing.businessweek.com. Archived from the original on September 26, 2011. Retrieved April 23, 2012.
  11. ^ Winship, Michael (1995). American Literary Publishing in the Mid-Nineteenth Century: The Business of Ticknor and Fields. Cambridge: Cambridge University Press. pp. 15–17, 20–21. ISBN 0521454697.
  12. ^ Ballou 1970, pp. 55, 131.
  13. ^ The Waldenses of To-day, George Edwin Waring Jr. (1879)
  14. ^ Winship 1995, pp. 22–23.
  15. ^ Ballou 1970, pp. 276–278, 303–304.
  16. ^ Ballou 1970, pp. 494–495.
  17. ^ Copyrights, United States Congress Senate Committee on the Judiciary Subcommittee on Patents, Trademarks, and (1967). Copyright Law Revision: Hearings Before the United States Senate Committee on the Judiciary, Subcommittee on Patents, Trademarks, and Copyrights, Ninetieth Congress, First Session. U.S. Government Printing Office. p. 1114. Parnassus Press ; 2422 Ashley Avenue ; Berkeley , California 94705
  18. ^ Bibliography of Spanish Materials for Children (PDF). Retrieved February 13, 2021. Parnassus Press 2422 Ashby Ave Berkeley, CA 94705
  19. ^ Nongovernment Organization Codes for Military Standard Contract Administration Procedures (MILSCAP), United States and Canada, Code to Name. Department of Defense, Defense Logistics Agency, Defense Logistics Services Center. 1974. Retrieved February 13, 2021. Parnassus Press 2422 Ashby Ave Berkeley, CA 94705
  20. ^ "Finding Aid to the Parnassus Press records, 1930-1989 (bulk 1955-1978)". oac.cdlib.org. Retrieved February 13, 2021. A beacon of publishing and children's literature on the West Coast, the complete catalog of the Parnassus Press were sold to Houghton Mifflin in 1979.
  21. ^ "Publisher: Parnassus Press". isfdb.org. Retrieved February 13, 2021.
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  23. ^ "Parnassus Press". Name Authority File. Library of Congress. Retrieved February 13, 2021.
  24. ^ Lask, Thomas (June 14, 1979). "A 'Memoir' of Gandhi By Shirer Due in 1980". The New York Times. ISSN 0362-4331. Retrieved April 2, 2019.
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  27. ^ . Mcdougallittell.com. Archived from the original on June 3, 2013. Retrieved August 18, 2013.
  28. ^ "HM buys Vermont's Chapters". Publishers Weekly. 244 (20): 13–14. May 19, 1997. Retrieved November 29, 2019.
  29. ^ Ltd., LOGAL Educational Software & Systems. "LOGAL Software, Inc. to Debut Science Gateways Product Line". www.prnewswire.com (Press release). Retrieved January 17, 2017.
  30. ^ "Licensing Opportunities". Houghton Mifflin Harcourt. Retrieved January 17, 2017.
  31. ^ "'Carmen Sandiego,' New Animated Series, Coming to Netflix in 2019". Netflix Media Center. Retrieved April 21, 2017.
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  33. ^ SUZANNE KAPNER AND ANDREW ROSS SORKIN. "Market Place; Vivendi Is Said To Be Near Sale Of Houghton." New York Times, October 31, 2002
  34. ^ "COMPANY NEWS; VIVENDI FINISHES SALE OF HOUGHTON MIFFLIN TO INVESTORS." New York Times, January 1, 2003.
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  38. ^ "Macmillan Acquires Kingfisher". PublishersWeekly.com. Retrieved November 29, 2019.
  39. ^ Trachtenberg, Jeffrey A. "Writers' Block: Houghton Won't Acquire New Books", Wall Street Journal, November 25, 2008.
  40. ^ [1][dead link]
  41. ^ [2] December 6, 2008, at the Wayback Machine
  42. ^ Streitfeld, David (December 28, 2008). "Bargain Hunting for Books, and Feeling Sheepish About It". The New York Times.
  43. ^ "A New Day in Catechesis – Our Sunday Visitor Acquires Harcourt Religion Publishers from Houghton Mifflin Harcourt" (Press release). Prweb.com. June 5, 2009. Retrieved August 18, 2013.
  44. ^ "Dubai's royal family to buy up stake in EMPG". Irish Independent. July 28, 2009. Retrieved August 18, 2013.
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  47. ^ Potential wipe out of EMPG's shareholders
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  64. ^ Harcourt, Houghton Mifflin. "HMH Completes Acquisition of NWEA". www.prnewswire.com. Retrieved May 1, 2023.
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  66. ^ Cimilluca, Jeffrey A. Trachtenberg and Dana (March 29, 2021). "News Corp to Buy Houghton Mifflin Harcourt's Consumer-Publishing Arm for $349 Million". The Wall Street Journal. Retrieved March 29, 2021.
  67. ^ "News Corp Completes Acquisition of Houghton Mifflin Harcourt Books & Media Segment" (Press release). News Corp. May 10, 2021 – via Business Wire.
  68. ^ "Veritas Capital to buy Houghton Mifflin for $2.8 bln". Reuters. February 22, 2022. Retrieved April 8, 2022.
  69. ^ "Expiration Date of Tender Offer for Houghton Mifflin Harcourt Extended to April 6, 2022". www.businesswire.com. March 29, 2022. Retrieved April 8, 2022.
  70. ^ Whales, Unusual (April 6, 2022). "A Review of Unusual Options Activity in Houghton Mifflin Harcourt Co (HMHC), iShares Global Clean Energy ETF. (ICLN), and Cenovus Energy Inc. (CVE)".
  71. ^ "Significant Shareholder Prasad Phatak Sends Letter to Houghton Mifflin Harcourt Company Board of Directors Opposing Veritas Capital Transaction".
  72. ^ "Houghton Mifflin Harcourt Successfully Completes Sale to Veritas Capital". finance.yahoo.com. Retrieved April 8, 2022.
  73. ^ "Houghton Mifflin Harcourt Announces Management Change". Retrieved April 20, 2017.
  74. ^ Conti, Katheleen (February 15, 2017). "Houghton Mifflin names new CEO". The Boston Globe. Retrieved April 20, 2017.
  75. ^ Molnar, Michele (October 19, 2017). "Houghton Mifflin Harcourt Launches New Leadership Team". Market Brief. Retrieved January 28, 2020.
  76. ^ "The Handmaid's Tale". Houghton Mifflin Harcourt. from the original on January 18, 2021. Retrieved April 22, 2021.
  77. ^ Atwood, Margaret (February 17, 1986). The Handmaid's Tale - Margaret Atwood. Google Books. ISBN 0547345666. from the original on July 14, 2019. Retrieved April 22, 2021.

Further reading

  • Ballou, Ellen B. (1970). The Building of the House: Houghton Mifflin's Formative Years. Boston: Houghton Mifflin Company.

External links

 
Wikisource has original works published by or about: Houghton, Mifflin & Co.
 
Wikimedia Commons has media related to Houghton Mifflin Company.
  • Official website
  • Finding aid to the Houghton Mifflin Company letters (1859–1860) at Columbia University. Rare Book & Manuscript Library.

May 04, 2023
houghton, mifflin, harcourt, american, publisher, textbooks, instructional, technology, materials, assessments, reference, works, company, based, boston, financial, district, companyfounded1832, years, 1832, ticknor, allen, country, originunited, statesheadqua. Houghton Mifflin Harcourt ˈ h oʊ t en 9 HMH is an American publisher of textbooks instructional technology materials assessments and reference works The company is based in the Boston Financial District Houghton Mifflin Harcourt CompanyFounded1832 191 years ago 1832 as Ticknor and Allen Country of originUnited StatesHeadquarters locationBoston Massachusetts United States 1 DistributionSelf distributed US 2 Raincoast Books Canada trade 3 Nelson Canada textbooks 4 Melia Publishing Services UK 5 Hachette Client Services Latin America South America Asia and Europe 6 Peribo Australia 7 Key peopleJack Lynch President amp CEO 8 Publication typesBooks softwareImprintsGraphia Sandpiper HMH Books for Young Readers John Joseph Adams BooksRevenue 1 41 billion 2017 Owner s Veritas CapitalNo of employees4 000 Official websitewww wbr hmhco wbr com www wbr hmhbooks wbr comIt was formerly known as Houghton Mifflin Company but it changed its name following the 2007 acquisition of Harcourt Publishing 10 Prior to March 2010 it was a subsidiary of Education Media and Publishing Group Limited an Irish owned holding company registered in the Cayman Islands and formerly known as Riverdeep In 2022 it was acquired by Veritas Capital a New York based private equity firm Contents 1 History 1 1 Ticknor and Allen 1832 1 2 Mergers and acquisitions activities 2001 1 2 1 Vivendi purchase 1 2 2 Riverdeep merger with Houghton Mifflin 1 2 3 Harcourt merger 1 2 4 Houghton Mifflin Harcourt restructuring 1 2 5 Second round restructuring 1 2 6 Recapitalization in 2010 1 2 7 Sale of publishing assets to HarperCollins 1 2 8 Acquisition by Veritas Capital 2 Leadership changes 3 Catalog 4 See also 5 References 6 Further reading 7 External linksHistory Edit Houghton Mifflin Harcourt at 222 Berkeley Street Boston Massachusetts Ticknor and Allen 1832 Edit In 1832 William Ticknor and John Allen purchased a bookselling business in Boston and began to involve themselves in publishing James T Fields joined as a partner in 1843 Fields and Ticknor gradually gathered an impressive list of writers including Ralph Waldo Emerson Nathaniel Hawthorne and Henry David Thoreau 11 The duo formed a close relationship with Riverside Press a Boston printing company owned by Henry Oscar Houghton Houghton also founded his own publishing company with partner Melancthon Hurd in 1864 with George H Mifflin joining the partnership in 1872 12 In 1878 Ticknor and Fields now under the leadership of James R Osgood found itself in financial difficulties and merged its operations with Hurd and Houghton The new partnership named Houghton Osgood and Company and based in Boston s Winthrop Square 13 held the rights to the literary works of both publishers 14 When Osgood left the firm two years later the business reemerged as Houghton Mifflin and Company Despite a lucrative partnership with Lawson Valentine Houghton Mifflin and Company still had debt it had inherited from Ticknor and Fields so it decided to add partners In 1884 James D Hurd the son of Melancthon Hurd became a partner In 1888 three others became partners as well James Murray Kay Thurlow Weed Barnes and Henry Oscar Houghton Jr 15 Shortly thereafter the company established an Educational Department and from 1891 to 1908 sales of educational materials increased by 500 percent The firm incorporated in 1908 changing its name to Houghton Mifflin Company 16 Soon after 1916 Houghton Mifflin became involved in publishing standardized tests and testing materials working closely with such test developers as E F Lindquist By 1921 the company was the fourth largest educational publisher in the United States In 1961 Houghton Mifflin famously passed on Julia Child s Mastering the Art of French Cooking giving it up to Alfred A Knopf who published it in 1962 It became an overnight success and is considered by many to be the bible of French cooking Houghton Mifflin s strategic error was depicted in the 2009 film Julie amp Julia In 1967 Houghton Mifflin became a publicly traded company on the New York Stock Exchange under the stock symbol HTN In 1979 Houghton Mifflin acquired the complete catalog of Parnassus Press 17 18 19 a Berkeley California small press established in 1957 by Herman Schein the husband of writer illustrator Ruth Robbins 20 21 22 23 Works by authors included Ursula K Le Guin Theodora Kroeber Nicolas Sidjakov Edward Ormondroyd Charlotte Zolotow Anne B Fisher Allen Say Beverly Cleary Crawford Kilian Adrien Stoutenburg and Sam DeWitt In 1979 Houghton Mifflin acquired Clarion Books the children s division of Seabury Press 24 In 1980 Houghton Mifflin acquired the educational publishing operations of Rand McNally 25 Under new from 1991 president Nader F Darehshori Houghton Mifflin acquired McDougal Littell in 1994 for 138 million an educational publisher of secondary school materials 26 and the following year acquired D C Heath and Company 27 a publisher of supplemental educational resources In 1995 the company acquired Chapters Publishing a publisher of cooking garden and craft titles 28 In 1996 the company created their Great Source Education Group to combine the supplemental material product lines of their School Division McDougal Littell and Heath In 1998 HMH announced a sub brand called LOGAL Software which was to release a new line of interactive science software called Science Gateways to support the United States curriculum 29 As of 2017 Houghton Mifflin Harcourt is offering the Logal Science brand as a licensing opportunity on its website 30 In 2017 it was announced that Houghton Mifflin Harcourt would be getting involved in TV production with a planned 2019 Netflix series that will revive the Carmen Sandiego franchise 31 Mergers and acquisitions activities 2001 Edit Mergers and acquisitions M amp A activities have had major effects on this company Vivendi purchase Edit In 2001 Houghton Mifflin was acquired by French media giant Vivendi Universal for 2 2 billion including assumed debt Vivendi Universal already owned the British children s publisher Kingfisher which became a Houghton Mifflin imprint 32 In 2002 facing mounting financial and legal pressures Vivendi sold Houghton to private equity investors Thomas H Lee Partners Bain Capital and Blackstone Group for 1 66 billion including assumed debt approximately 25 less than Vivendi had paid a year earlier 33 34 Riverdeep merger with Houghton Mifflin Edit On December 22 2006 it was announced that Riverdeep PLC had completed its acquisition of Houghton Mifflin The new joint enterprise would be called the Houghton Mifflin Riverdeep Group Riverdeep paid 1 75 billion in cash and assumed 1 61 billion in debt from the private investment firms Thomas H Lee Partners Bain Capital and Blackstone Group 35 Tony Lucki a former non executive director of Riverdeep remained in his position as the company s chief executive officer until April 2009 36 Houghton Mifflin sold its professional testing unit Promissor to Pearson plc in 2006 37 The company combined its remaining assessment products within Riverside Publishing including San Francisco based Edusoft Harcourt merger Edit On July 16 2007 Houghton Mifflin Riverdeep announced that it signed a definitive agreement to acquire the Harcourt Education Harcourt Trade and Greenwood Heinemann divisions of Reed Elsevier for 4 billion The expanded company would become Houghton Mifflin Harcourt McDougal Littell was merged with Harcourt s Holt Rinehart amp Winston to form Holt McDougal In October 2007 Houghton Mifflin sold Kingfisher to Macmillan Publishers 38 On December 3 2007 Cengage Learning formerly Thomson Learning announced that it had agreed to acquire the assets of the Houghton Mifflin College Division for 750 million pending regulatory approval On November 25 2008 Houghton Mifflin Harcourt announced a temporary freeze on acquisition of new trade division titles allegedly in response to the economic crisis of 2008 39 The publisher of the trade division resigned apparently in protest 40 Many observers familiar with the publishing industry saw the move as a devastating blunder 41 42 Harcourt Religion was sold to Our Sunday Visitor in 2009 43 Houghton Mifflin Harcourt restructuring Edit On July 27 2009 the Irish Independent newspaper reported that Houghton Mifflin Harcourt s controlling shareholder EMPG was in the process of a re structuring negotiations with its unsecured debt holders that would lead to the conversion of the debt into equity The news story reported that the unsecured debt holders would receive a 45 equity stake As a result the royal family of Dubai via their Istithmar World Capital investment vehicle became major stakeholders 44 Estimates were that EMPG would cut its debt from 7 3bn to 6 1bn On August 15 2009 the Financial Times reported in an interview with Houghton Mifflin Harcourt s CEO at the time Barry O Callaghan that the refinancing had received approval of more than 90 of lenders The terms included the holding company debt converting into 45 of the fully diluted common equity an effective 25 percent relaxation of financial covenants second lien lenders agreeing to convert their holdings into a PIK instrument reducing annual interest costs by 100m and a further 50m increase its working capital facility 45 Second round restructuring Edit A further restructuring of Houghton Mifflin Harcourt s debts was confirmed by the company on January 13 2010 46 The proposed restructuring materially impacted the shareholders of EMPG the former holding company of Houghton Mifflin Harcourt 47 Recapitalization in 2010 Edit On February 22 2010 Houghton Mifflin Harcourt announced that EMPG and HMH had reached an agreement to restructure the finances of the company and recapitalize its balance sheet with a substantial fresh cash investment by institutional investors 48 The agreement supported by 100 of HMH s creditors highlighted a reduction in the senior debt to 3 billion from the current 5 billion with new equity issued to the senior debt holders including Paulson amp Co and Guggenheim Partners 49 conversion of the 2 billion mezzanine debt into equity and warrant receipt of 650m of new cash from the sale of new equity In addition to the key highlights HMH announced its new 100m Innovation Fund to invest in the next generation of technology for the education industry The Irish Times 50 reported that the investments by the then equity holders of EMPG including HMH s CEO at the time Barry O Callaghan private clients of Davy Stockbrokers Reed Elsevier and others of over 3 5 billion would be written down to zero Additionally the Irish Independent reported that following the restructuring the investors of EMPG would have a nominal investment in Houghton Mifflin Harcourt via warrants over 5 of the company if it exceeded the 10 billion valuation 51 placed on the company at the time of the merger between Houghton Mifflin Riverdeep and Harcourt In addition to the warrants in HMH the EMPG shareholders would continue to own a stake in the international investment vehicle EMPGI which has stakes in China the Middle East and elsewhere The Financial Times reported 52 that no management changes were expected as part of the deal with both the CEO at the time Barry O Callaghan and the CFO Michael Muldowney expected to remain in their roles The Times reported that a new nine member board was to be created with the CEO the only executive representative one independent two representative of Paulson amp Co and one director from each of Apollo BlackRock Guggenheim Partners Fidelity and Avenue Capital On March 10 2010 Houghton Mifflin Harcourt announced that it had completed its re capitalization 53 In addition to a new investment of 650 million of equity the debt levels of the company were reduced by approximately 60 and the annual interest payments by over 75 According to the Irish State Broadcaster RTE the old equity investors based in Ireland has lost all their investment 54 The Irish Independent reported that the old shareholders were denied a shareholders meeting to vote or discuss the restructuring 55 The former shareholders have been left with warrants over 5 of the company in the case its value recovers to previous levels On September 19 2011 it was announced that Linda K Zecher would be replacing Barry O Callahan as chief executive officer and Director of Houghton Mifflin Harcourt after O Callahan resigned In July 2012 Zecher detailed her plans for post bankruptcy to D C Denison at The Boston Globe 56 Zecher went to HMH from Microsoft 57 In 2012 HMH acquired the culinary and reference portfolio of John Wiley amp Sons including CliffsNotes and Webster s New World Dictionary 58 The company went public in November 2013 59 In 2014 Houghton Mifflin Harcourt sponsored Curious George TV series on PBS Kids replacing Chuck E Cheese On May 13 2014 HMH bought Channel One News In 2015 Houghton Mifflin struggled to find a charity that would accept royalties for Mein Kampf by Adolf Hitler 60 On February 15 2017 John J Jack Lynch Jr the former CEO of Renaissance Learning was named the new CEO of Houghton Mifflin Harcourt 61 In 2018 HMH sold its Steck Vaughn adult education titles to Paxen Publishing and its Riverside test publishing subsidiary to Alpine Investments 62 63 In April 2023 HMH acquired NWEA a not for profit academic assessment company 64 65 Sale of publishing assets to HarperCollins Edit On March 29 2021 The Wall Street Journal reported that HarperCollins a division of American mass media and publishing company News Corp had reached a deal to buy HMH Books amp Media for US 349 million The sale includes HMH s trade publishing division and computer game franchises such as Carmen Sandiego and The Oregon Trail The deal would allow HMH to pay down its debt so it could further its digital first strategy in educational publishing 66 The deal was completed on May 10 67 Acquisition by Veritas Capital Edit On February 22 2022 a tender offer was announced by Veritas Capital to acquire HMH at a price of 21 per share or about 2 8 Billion 68 The tender deadline was originally April 1 before being extended to April 6 on March 29 69 Prior to the tender date the stock generated a lot of hype on internet forum WallStreetBets with over 36 000 contracts traded for the June 17th 22 5 strike price call options 70 Many investors purchased call options based on numerous reports from institutional investors with large stakes in the company claiming that the 21 per share offer was undervaluing the company 71 On April 6 57 of HMHC shares were put up for tender leading to the tender offer going through and HMH going private 72 Once the sale was completed the stock of Houghton Mifflin Harcourt was delisted from Nasdaq Leadership changes EditOn September 22 2016 Zecher resigned from HMH and was replaced by Interim CEO and Board Member L Gordon Crovitz Crovitz is a former publisher of the Wall Street Journal 73 On February 15 2017 John J Jack Lynch Jr the former CEO of Renaissance Learning was named the new CEO of HMH 74 Lynch brought former employee Jim O Neill back to the company to lead the core division as GM and EVP 75 Catalog EditHMH is also formerly home to media brands like Carmen Sandiego and The Oregon Trail and brands including The Whole30 The Best American Series The American Heritage and Webster s New World Dictionaries Better Homes and Gardens How to Cook Everything the Peterson Field Guides CliffsNotes and many children s books including the Curious George series and The Little Prince as well as publishing the works of J R R Tolkien for United States distribution citation needed Some other noted books include The Handmaid s Tale Margaret Atwood 1987 E book version 76 77 See also EditEducational publishing companies Books in the United States McGraw Hill Education Pearson EducationReferences Edit About Us Offices Text Retrieved May 1 2019 The 2016 Book Distributors Profiles Publishing Trends Retrieved December 25 2017 Houghton Mifflin Harcourt Text Retrieved December 25 2017 Cavanagh Sean November 13 2017 Canadian Publisher Nelson Houghton Mifflin Harcourt Strike Deal on Distribution Market Brief Retrieved January 21 2018 About Melia Retrieved December 25 2017 Hachette Our Clients Prelude Books Retrieved February 12 2018 About Us Leadership Text Retrieved May 1 2019 Pronunciation Guide Archived from the original on December 23 2007 Retrieved December 23 2008 a href Template Cite web html title Template Cite web cite web a CS1 maint bot original URL status unknown link Houghton Mifflin Archived from the original on December 13 2007 Houghton Mifflin Harcourt Publishing Company Private Company Information Businessweek investing businessweek com Archived from the original on September 26 2011 Retrieved April 23 2012 Winship Michael 1995 American Literary Publishing in the Mid Nineteenth Century The Business of Ticknor and Fields Cambridge Cambridge University Press pp 15 17 20 21 ISBN 0521454697 Ballou 1970 pp 55 131 The Waldenses of To day George Edwin Waring Jr 1879 Winship 1995 pp 22 23 Ballou 1970 pp 276 278 303 304 Ballou 1970 pp 494 495 Copyrights United States Congress Senate Committee on the Judiciary Subcommittee on Patents Trademarks and 1967 Copyright Law Revision Hearings Before the United States Senate Committee on the Judiciary Subcommittee on Patents Trademarks and Copyrights Ninetieth Congress First Session U S Government Printing Office p 1114 Parnassus Press 2422 Ashley Avenue Berkeley California 94705 Bibliography of Spanish Materials for Children PDF Retrieved February 13 2021 Parnassus Press 2422 Ashby Ave Berkeley CA 94705 Nongovernment Organization Codes for Military Standard Contract Administration Procedures MILSCAP United States and Canada Code to Name Department of Defense Defense Logistics Agency Defense Logistics Services Center 1974 Retrieved February 13 2021 Parnassus Press 2422 Ashby Ave Berkeley CA 94705 Finding Aid to the Parnassus Press records 1930 1989 bulk 1955 1978 oac cdlib org Retrieved February 13 2021 A beacon of publishing and children s literature on the West Coast the complete catalog of the Parnassus Press were sold to Houghton Mifflin in 1979 Publisher Parnassus Press isfdb org Retrieved February 13 2021 Parnassus Press WorldCat org Retrieved February 13 2021 Parnassus Press Name Authority File Library of Congress Retrieved February 13 2021 Lask Thomas June 14 1979 A Memoir of Gandhi By Shirer Due in 1980 The New York Times ISSN 0362 4331 Retrieved April 2 2019 Houghton Mifflin Company Encyclopedia com Retrieved March 30 2021 History of Houghton Mifflin Company Fundinguniverse com Retrieved August 18 2013 About McDougal Littell Mcdougallittell com Archived from the original on June 3 2013 Retrieved August 18 2013 HM buys Vermont s Chapters Publishers Weekly 244 20 13 14 May 19 1997 Retrieved November 29 2019 Ltd LOGAL Educational Software amp Systems LOGAL Software Inc to Debut Science Gateways Product Line www prnewswire com Press release Retrieved January 17 2017 Licensing Opportunities Houghton Mifflin Harcourt Retrieved January 17 2017 Carmen Sandiego New Animated Series Coming to Netflix in 2019 Netflix Media Center Retrieved April 21 2017 HM Absorbs Kingfisher PublishersWeekly com Retrieved November 29 2019 SUZANNE KAPNER AND ANDREW ROSS SORKIN Market Place Vivendi Is Said To Be Near Sale Of Houghton New York Times October 31 2002 COMPANY NEWS VIVENDI FINISHES SALE OF HOUGHTON MIFFLIN TO INVESTORS New York Times January 1 2003 Irish company completes Houghton Mifflin acquisition Archived September 9 2015 at the Wayback Machine Bookdownloading com December 22 2006 Edgecliffe Johnson Andrew and Peter Smith Riverdeep in talks over 3 5bn takeover of Houghton Mifflin Financial Times October 25 2006 Houghton Mifflin sells Promissor unit for 42M www bizjournals com Retrieved July 6 2021 Macmillan Acquires Kingfisher PublishersWeekly com Retrieved November 29 2019 Trachtenberg Jeffrey A Writers Block Houghton Won t Acquire New Books Wall Street Journal November 25 2008 1 dead link 2 Archived December 6 2008 at the Wayback Machine Streitfeld David December 28 2008 Bargain Hunting for Books and Feeling Sheepish About It The New York Times A New Day in Catechesis Our Sunday Visitor Acquires Harcourt Religion Publishers from Houghton Mifflin Harcourt Press release Prweb com June 5 2009 Retrieved August 18 2013 Dubai s royal family to buy up stake in EMPG Irish Independent July 28 2009 Retrieved August 18 2013 Edgecliffe Andrew August 15 2009 EMPG refinancing will cut 7 6bn debt Financial Times Retrieved August 18 2013 EMPG pushes for financial shake up Financial Times January 14 2010 Retrieved August 18 2013 Potential wipe out of EMPG s shareholders Houghton Mifflin Harcourt Secures New 650 Million Cash Investment and Recapitalizes Balance Sheet in Historic Restructuring Bookdownloading com Archived from the original on September 9 2015 Retrieved May 31 2015 Houghton Mifflin Parent Company Restructures Debt WSJ com Online wsj com February 23 2010 Retrieved August 18 2013 EMPG agrees 650 cash injection The Irish Times Retrieved February 24 2015 EMPG restructuring an end for old order Independent ie February 23 2010 Archived from the original on February 17 2013 Retrieved August 18 2013 Edgecliffe Andrew February 23 2010 Debt deal averts HMH bankruptcy FT com Retrieved August 18 2013 Houghton Mifflin Harcourt Announces Successful Completion of Balance Sheet Recapitalization Business Wire March 10 2010 Retrieved August 18 2013 O Calaghan firm completes debt deal RTE News Rte ie March 10 2010 Retrieved August 18 2013 Shareholder anger over EMPG deal Independent ie March 11 2010 Archived from the original on August 2 2012 Retrieved August 18 2013 Denison D C June 24 2012 Bankruptcy over Boston s Houghton Mifflin looks ahead The Boston Globe Houghton Mifflin Harcourt Executive Leadership Retrieved April 20 2017 In Deal With Wiley Houghton Acquires Cookbooks and CliffsNotes Media Decoder Blog November 8 2012 Retrieved September 6 2014 Textbook publisher Houghton Mifflin Harcourt prices IPO at 12 a share Reuters November 14 2016 Retrieved April 20 2017 Hitler s Mein Kampf Boston publisher rethinks handling of proceeds CBS News Publisher Houghton Mifflin names new CEO The Boston Globe epaper bostonglobe com Retrieved January 28 2020 Henry Alexa J April 13 2018 K 12 Dealmaking Key Data Systems Acquires Progress Testing Edmentum Raises 25 Million Kahoot Forms Partnership With Code Org Market Brief Retrieved April 27 2020 Smith Rich September 13 2018 Why Houghton Mifflin Harcourt Company Stock Just Popped 14 Today The Motley Fool Retrieved May 2 2020 Harcourt Houghton Mifflin HMH Completes Acquisition of NWEA www prnewswire com Retrieved May 1 2023 Writer Emma Kate Fittes Staff May 1 2023 Houghton Mifflin Harcourt Closes Deal Acquiring NWEA Market Brief Retrieved May 1 2023 Cimilluca Jeffrey A Trachtenberg and Dana March 29 2021 News Corp to Buy Houghton Mifflin Harcourt s Consumer Publishing Arm for 349 Million The Wall Street Journal Retrieved March 29 2021 News Corp Completes Acquisition of Houghton Mifflin Harcourt Books amp Media Segment Press release News Corp May 10 2021 via Business Wire Veritas Capital to buy Houghton Mifflin for 2 8 bln Reuters February 22 2022 Retrieved April 8 2022 Expiration Date of Tender Offer for Houghton Mifflin Harcourt Extended to April 6 2022 www businesswire com March 29 2022 Retrieved April 8 2022 Whales Unusual April 6 2022 A Review of Unusual Options Activity in Houghton Mifflin Harcourt Co HMHC iShares Global Clean Energy ETF ICLN and Cenovus Energy Inc CVE Significant Shareholder Prasad Phatak Sends Letter to Houghton Mifflin Harcourt Company Board of Directors Opposing Veritas Capital Transaction Houghton Mifflin Harcourt Successfully Completes Sale to Veritas Capital finance yahoo com Retrieved April 8 2022 Houghton Mifflin Harcourt Announces Management Change Retrieved April 20 2017 Conti Katheleen February 15 2017 Houghton Mifflin names new CEO The Boston Globe Retrieved April 20 2017 Molnar Michele October 19 2017 Houghton Mifflin Harcourt Launches New Leadership Team Market Brief Retrieved January 28 2020 The Handmaid s Tale Houghton Mifflin Harcourt Archived from the original on January 18 2021 Retrieved April 22 2021 Atwood Margaret February 17 1986 The Handmaid s Tale Margaret Atwood Google Books ISBN 0547345666 Archived from the original on July 14 2019 Retrieved April 22 2021 Further reading EditBallou Ellen B 1970 The Building of the House Houghton Mifflin s Formative Years Boston Houghton Mifflin Company External links Edit Wikisource has original works published by or about Houghton Mifflin amp Co Wikimedia Commons has media related to Houghton Mifflin Company Official website Finding aid to the Houghton Mifflin Company letters 1859 1860 at Columbia University Rare Book amp Manuscript Library Retrieved from https en wikipedia org w index php title Houghton Mifflin Harcourt amp oldid 1152874097, wikipedia, wiki, book, books, library,

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