Thursday, March 12, 2009

And now Houghton is *NOT* for sale: A retraction!

The wind changed direction again!

Galleycat reports that Houghton Mifflin Harcourt is no longer for sale, citing Jeffrey Tracktenberg's article in the WSJ. (May be subscription only.)

"We received an unsolicited offer for the business late last year, so we hired advisers and studied various options, including joint-venturing with a larger trade publisher," said Barry O'Callaghan, chairman and CEO of Education Media [owners of HMH]. "What we concluded was that the offers we've received were less than what the business was worth in terms of long-term value and long-term profitability."

So much for that. So now what will Strothman et al buy? And who was that independent publishing house?

And most worrisome, will Education Media let this incredible resource wither on the vine?

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