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Why Houghton Mifflin Harcourt Stock Was Gaining Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Houghton Mifflin Harcourt Stock Was Gaining Today

Shares of Houghton Mifflin Harcourt (NASDAQ: HMHC) were moving higher today after the book publisher and education company said it would sell HMH Books & Media, its consumer book publishing division, to News Corp (NASDAQ: NWS) for $349 million in cash. As a result, HMH stock was up 24.6% as of 9:56 a.m. EDT this morning, while News Corp shares were virtually unchanged. It also said the sale of the HMH Books & Media division would enable it to pay down a significant portion of its debt; it finished 2020 with $644 million in debt, or close to double the $349 million sale price.

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