|Bid||0.00 x 70000|
|Ask||0.00 x 70000|
|Day's range||20.60 - 20.60|
|52-week range||7.85 - 21.40|
|Beta (5Y monthly)||1.61|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.17 (0.82%)|
|Ex-dividend date||16 Mar 2021|
|1y target est||N/A|
News Corporation (NWSA) agrees to acquire Houghton's Books & Media segment, which boasts of successful backlists in the publishing industry. This will fuel growth across HarperCollins.
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.
The business will be folded into its current book publishing operation HarperCollins Publishers, a News Corp subsidiary.