Houghton Mifflin Harcourt Publishing Company (English pronunciation: /ˈhoʊtən ˈmɪflɨn/;[1] audio file) is an trade and educational publisher Publishing is the process of production and dissemination of literature or information – the activity of making information available for public view. In some cases authors may be their own publishers, meaning: originators and developers of content also provide media to deliver and display the content in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language. The company's headquarters is located in Boston Boston (pronounced /ˈbɒstən/ ) is the capital and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. Boston city proper had a 2009's Back Bay Back Bay is an officially recognized neighborhood of Boston, Massachusetts. It is an upscale residential, retail, and commercial office district. It publishes textbooks A textbook or coursebook is a manual of instruction in any branch of study. Textbooks are produced according to the demands of educational institutions. Although most textbooks are only published in printed format, many are now available as online electronic books and increasingly in scanned format in P2P networks, instructional technology materials, assessments, reference works A reference work is a compendium of information, usually of a specific type, compiled in a book for ease of reference. That is, the information is intended to be quickly found when needed. Reference works are usually referred to for particular pieces of information, rather than read beginning to end. The writing style used in these works is, and fiction Fiction is any form of narrative which deals, in part or in whole, with events that are not factual, but rather, imaginary and invented by its author(s). Although fiction often describes a major branch of literary work, it is also applied to theatrical, cinematic, documental, and musical work. In contrast to this is non-fiction, which deals and non-fiction Non-fiction or nonfiction is an account, narrative, or representation of a subject which an author presents as fact. This presentation may be accurate or not; that is, it can give either a true or a false account of the subject in question. However, it is generally assumed that the authors of such accounts believe them to be truthful at the time for both young readers and adults, including the Best American series The Best American Series is an annually-published collection of books, published by Houghton Mifflin, each of which features a different genre or theme. Each book selects from works published in North America during the previous year, selected by a guest editor who is an established writer within the given field. This series, the original, should (annual collections of previously-published fiction and non-fiction).
The company was formerly known as Houghton Mifflin Company, changing its name following the 2007 acquisition of Harcourt Publishing. It is a subsidiary of Education Media and Publishing Group Education Media and Publishing Group, more commonly known as EMPG, is a holding company registered in the Cayman Islands. Its most important subsidiary is Houghton Mifflin Harcourt, a US educational publisher, based in Boston. It also has an affiliate that focuses on markets outside the USA called EMPGI. In January 2009 the two big credit rating Limited, an Irish-owned holding company registered in the Cayman Islands The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The territory comprises the islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. The territory is a major offshore financial centre in the Caribbean formerly known as the Houghton Mifflin Riverdeep Group Houghton Mifflin Harcourt Learning Technology originally started as Riverdeep Interactive Learning, a publishing house for educational online and CD-ROM products based in San Francisco and Dublin, Ireland, founded in 1995, Riverdeep was principally the creation of the Irish ex-investment banker Barry O'Callaghan. O'Callaghan was Riverdeep's CEO.
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Early history
Houghton Mifflin Harcourt in Boston, MassachusettsIn 1832, William Ticknor William Davis Ticknor was an American publisher in Boston, Massachusetts, USA, and a founder of the publishing house Ticknor and Fields and James Thomas Fields Fields was born in Portsmouth, New Hampshire. His father was a sea captain and died before Fields was three. At the age of 14, Fields took a job at the Old Corner Bookstore in Boston. His first published poetry was included in the Portsmouth Journal in 1837 but he drew more attention when, on September 13, 1838, he delivered his "Anniversary had gathered an impressive list of writers, including Ralph Waldo Emerson Ralph Waldo Emerson was an American essayist, philosopher, and poet, best remembered for leading the Transcendentalist movement of the mid-19th century. His teachings directly influenced the growing New Thought movement of the mid-1800s. He was seen as a champion of individualism and a prescient critic of the countervailing pressures of society, Nathaniel Hawthorne Nathaniel Hathorne was born in 1804 in the city of Salem, Massachusetts to Nathaniel Hathorne and Elizabeth Clarke Manning Hathorne. He later changed his name to "Hawthorne", adding a "w" to dissociate from relatives including John Hathorne, a judge during the Salem Witch Trials. Hawthorne attended Bowdoin College, was elected, and Henry David Thoreau Henry David Thoreau was an American author, poet, naturalist, tax resister, development critic, surveyor, historian, philosopher, and leading transcendentalist. He is best known for his book Walden, a reflection upon simple living in natural surroundings, and his essay, Civil Disobedience, an argument for individual resistance to civil government. The duo formed a close relationship with Riverside Press, a Boston Boston (pronounced /ˈbɒstən/ ) is the capital and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is sometimes regarded as the unofficial "Capital of New England" for its economic and cultural impact. Boston city proper had a 2008 estimated population of 620,5 printing company owned by Henry Oscar Houghton. Shortly after, Houghton also founded a publishing company with partner George Mifflin. In 1880, Ticknor and Fields and Houghton and Mifflin merged their operations, combining the literary Literature,, is the art of written works. Literally translated, the word means acquaintance with letters (as in the Arts and Letters"). In Western culture the most basic written literary types include fiction and nonfiction works of writers The word is almost synonymous with author, though somebody who writes, for example, a laundry list, could technically be called the writer of the list, but not an author. Skilled writers are able to use language to portray ideas and images, whether fiction or non-fiction with the expertise of a publisher Publishing is the process of production and dissemination of literature or information – the activity of making information available for public view. In some cases authors may be their own publishers, meaning: originators and developers of content also provide media to deliver and display the content and creating a new partnership named Houghton, Mifflin and Company. The company still had debt from when it merged from Houghton, Osgood and Company, so it decided to add partners. In 1884, James D. Hurd, the son of Melancthon Hurd became a partner. Three people in 1888 became partners as well: James Murray Kay, Thurlow Weed Barnes, and Henry Oscar Houghton, Jr.
Shortly thereafter the company established an Educational Department, and from 1891 to 1908 sales of educational materials increased by 500 percent. Soon after 1916, Houghton Mifflin became involved in publishing standardized tests A standardized test is a test designed in such a way that the questions, conditions for administering, scoring procedures, and interpretations are consistent and are administered and scored in a predetermined, standard manner and testing materials, working closely with such test developers as E.F. Lindquist. The company was the fourth-largest educational publisher in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language in 1921.
In 1961, Houghton Mifflin famously passed on Julia Child's Mastering the Art of French Cooking, giving it up to Alfred A. Knopf who later published it in 1962. It went on to become 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 The New York Stock Exchange is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, USA. It is the world's largest stock exchange by market capitalization of its listed companies at US$12.25 trillion as of May 2010. Average daily trading value was approximately US$153 billion in 2008 under the stock symbol HTN. The company is currently privately held and no longer trades under this symbol.
During the 1990s, Houghton Mifflin acquired both McDougal Littell, an educational publisher of secondary school materials, and D.C. Heath and Company D.C. Heath and Company was a small publishing company located at 125 Spring Street in Lexington, Massachusetts. The company was founded in Boston by Daniel Collamore Heath in 1885. D.C. Heath and Company was owned by Raytheon and later bought by Houghton Mifflin, a publisher of supplemental educational resources. In 1996, the company created their Great Source Education Group to combine the supplemental material product lines of their School Division and these two companies.
Vivendi and Private equity ownership
In 2001, Houghton Mifflin was acquired by French media giant Vivendi Universal Vivendi SA is a French international media conglomerate with activities in music, television and film, publishing, telecommunications, the Internet, and video games for $2.2 billion including assumed debt. In 2002, facing mounting financial and legal pressures, Vivendi sold Houghton to private equity Private equity is money invested in companies that are not publicly traded on a stock exchange or that is invested as part of buyouts of publicly traded companies in order to make them private companies investors Thomas H. Lee Partners Thomas H. Lee Partners is a private equity firm based in Boston, Massachusetts specializing in leveraged buyouts, growth capital, special situations, industry consolidations, and recapitalizations, Bain Capital Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $67 billion in assets, and its strategies include private equity, venture capital, public equity, high-, and The Blackstone Group The Blackstone Group, L.P. is an alternative asset management and financial services company that specializes in private equity, real estate, and marketable alternative investment strategies, as well as mergers and acquisitions (M&A), restructuring, and fund-placement advisory services for $1.66 billion, including assumed debt (approximately 25% less than Vivendi had paid a year earlier).[2][3]
Creation of Houghton Mifflin Harcourt
Riverdeep merger with Houghton Mifflin
On December 22, 2006, it was announced that Riverdeep PLC Houghton Mifflin Harcourt Learning Technology originally started as Riverdeep Interactive Learning, a publishing house for educational online and CD-ROM products based in San Francisco and Dublin, Ireland, founded in 1995, Riverdeep was principally the creation of the Irish ex-investment banker Barry O'Callaghan. O'Callaghan was Riverdeep's CEO 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 Thomas H. Lee Partners is a private equity firm based in Boston, Massachusetts specializing in leveraged buyouts, growth capital, special situations, industry consolidations, and recapitalizations, Bain Capital Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $67 billion in assets, and its strategies include private equity, venture capital, public equity, high- and The Blackstone Group The Blackstone Group, L.P. is an alternative asset management and financial services company that specializes in private equity, real estate, and marketable alternative investment strategies, as well as mergers and acquisitions (M&A), restructuring, and fund-placement advisory services.[4] Tony Lucki, a former non-executive director of Riverdeep, will remain in his position as Houghton Mifflin's chief executive officer.[5]
Houghton Mifflin sold its professional testing unit, Promissor, to Pearson plc Pearson plc is a London-based education and media conglomerate. It is the largest book publisher in the UK, India, Australia and New Zealand, and the second largest in the US and Canada. Marjorie Scardino has been CEO since 1997. The headquarters for Pearson is at 80 Strand, the former Shell Mex House. It is listed on the London Stock Exchange and in 2006. The company has 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 Education was a publisher serving the US assessment and trade markets for pre-Kindergarten to Grade 12, and international markets for primary and secondary school. The Harcourt US Schools Education part of Harcourt Education was acquired by Houghton Mifflin in December 2007. Harcourt Assessment and Harcourt Education International were, Harcourt Trade and Greenwood-Heinemann divisions of Reed Elsevier Reed Elsevier is a global publisher and information provider. It is listed on several of the world's major stock exchanges. It is a FTSE100 and FT500 Global company. The Reed Elsevier group is a dual-listed company consisting of Reed Elsevier PLC and Reed Elsevier NV for $4 billion. The expanded company would become Houghton Mifflin Harcourt. McDougal Littel was merged with Harcourt's Holt, Rinehart & Winston to form Holt McDougall.
On December 3, 2007, Cengage Learning Cengage Learning is a leading publisher[citation needed] of print and digital information services for the academic, professional and library markets, and delivers customized learning solutions for colleges, universities, professors, students, libraries, government agencies, corporations and professionals around the world (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 Beginning in the United States in December 2007 , much of the industrialized world has been undergoing a recession, a pronounced deceleration of economic activity. This global recession has been taking place in an economic environment characterized by various imbalances and was sparked by the outbreak of the financial crisis of 2007–2010.[6] The publisher of the trade division resigned, apparently in protest.[7] Many observers familiar with the publishing industry saw the move as a devastating blunder.[8][9]
Restructuring
On July 27, 2009, the Irish Independent The Irish Independent is Ireland's largest selling daily newspaper that is published in both compact and broadsheet formats. It is the flagship publication of Independent News and Media newspaper reported that Houghton Mifflin Harcourt's controlling shareholder EMPG Education Media and Publishing Group, more commonly known as EMPG, is a holding company registered in the Cayman Islands. Its most important subsidiary is Houghton Mifflin Harcourt, a US educational publisher, based in Boston. It also has an affiliate that focuses on markets outside the USA called EMPGI. In January 2009 the two big credit rating 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.[10] Estimates were that EMPG would cut its debt from $7.3bn to $6.1bn. On August 15, 2009, the Financial Times The Financial Times is a British international business newspaper. It is a morning daily newspaper published in the Borough of Southwark, London and printed at 22 sites. Its primary rival is New York City-based The Wall Street Journal newspaper reported in an interview with Houghton Mifflin Harcourt's CEO, 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 per cent 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.[11]
A further restructuring of Houghton Mifflin Harcourt's debts was confirmed by the company on 13 January 2010.[12] The proposed restructuring may have a material impact on the shareholders of EMPG Education Media and Publishing Group, more commonly known as EMPG, is a holding company registered in the Cayman Islands. Its most important subsidiary is Houghton Mifflin Harcourt, a US educational publisher, based in Boston. It also has an affiliate that focuses on markets outside the USA called EMPGI. In January 2009 the two big credit rating the holding company of Houghton Mifflin Harcourt.[13]
Recapitalization in 2010
On 22 February 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.[14]
The agreement, supported by 100% of HMH's creditors, is expected to close on 9 March 2010. Highlights of the agreement include, 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),[15] 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 that it is planning to form a new $100m "innovation" fund, to invest in the next generation of technology for the education industry.
According to the Irish Times[16] the investments by the current equity holders of EMPG, including HMH's CEO, Barry O'Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others, will see their investment of over $3.5 billion written down to zero. Following the restructuring, the investors of EMPG will have a nominal investment in Houghton Mifflin Harcourt via warrants over 5% of the company if it exceeds the $10 billion valuation[17] 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 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[18] no management changes are expects as part of the deal with both the CEO, Barry O'Callaghan and the CFO, Michael Muldowney expected to remain in their roles. A new nine-member board is 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 10th March 2010, Houghton Mifflin Harcourt announced that it had completed its re-capitalization. [19] 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 the Irish State Broadcaster, RTE Raidió Teilifís Éireann (Irish pronunciation: [ˈradʲo ˈtʲɛlʲəfʲiːʃ ˈeːrʲən] ; English: Radio [and] Television of Ireland; abbreviated as RTÉ) is the public service broadcaster of Ireland. It both produces programmes and broadcasts on television, radio and the Internet. The radio service began on 1 January 1926, while regular, the old equity investors based in Ireland has lost all their investment. [20] The Irish Independent The Irish Independent is Ireland's largest selling daily newspaper that is published in both compact and broadsheet formats. It is the flagship publication of Independent News and Media reported that the old shareholders were denied a shareholders meeting to vote on discuss the restructuring. [21] The former shareholders have been left with warrants over 5% of the company, in the case its value recovers to previous levels.
Locations
- Austin Austin is the capital of the U.S. state of Texas and the seat of Travis County. Located in Central Texas on the eastern edge of the American Southwest, it is the fourth-largest city in Texas and the 15th-largest in the United States. It was the third-fastest-growing large city in the nation from 2000 to 2006. According to the 2008 U.S. Census, Texas Houston is the largest city in Texas and the fourth-largest in the United States, while San Antonio is the second largest in the state and seventh largest in the United States. Dallas–Fort Worth and Greater Houston are the fourth and sixth largest United States metropolitan areas, respectively. Other major cities include El Paso and Austin—the (Holt McDougal, Supplemental, Adult Ed)
- Boston Boston (pronounced /ˈbɒstən/ ) is the capital and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is sometimes regarded as the unofficial "Capital of New England" for its economic and cultural impact. Boston city proper had a 2008 estimated population of 620,5, Massachusetts Massachusetts has been significant throughout American history. Plymouth was the second permanent English settlement in North America. Many of Massachusetts's towns were founded by colonists from England in the 1620s and 1630s. The Merrimack Valley has been, since 1650, a center of creativity through the poetic word. America's first published poet (headquarters; School, College, and International divisions)
- Dublin Dublin is the largest city (being a primate city) and capital of Ireland. It is officially known in Irish as Baile Átha Cliath [bˠalʲə aːha klʲiəh] or Áth Cliath [aːh cliə(ɸ)]; the English name comes from the Irish Dubh Linn meaning "black pool". It is located near the midpoint of Ireland's east coast, at the mouth of the, Ireland (Digital Research and Development)
- Evanston, Illinois (Holt McDougal)
- Indianapolis, Indiana
- Orlando, Florida (School)
- Rolling Meadows, Illinois (Riverside Publishing)
- Wilmington, Massachusetts (Great Source Education Group)
Notes
- ^ Pronunciation of Houghton Mifflin.
- ^ 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", Associated Press, 22 December 2006.
- ^ Edgecliffe-Johnson, Andrew and Peter Smith. "Riverdeep in talks over $3.5bn takeover of Houghton Mifflin", Financial Times, 25 October 2006.
- ^ Trachtenberg, Jeffrey A. "Writers' Block: Houghton Won't Acquire New Books", Wall Street Journal, 25 November 2008.
- ^ [1] Salon.com, 2 December 2008
- ^ [2] Mediabistro.com article
- ^ [3] New York Times, 27 December 2008
- ^ Dubai's royal family to buy up stake in EMPG>
- ^ EMPG refinancing will cut $7.6bn debt>
- ^ EMPG pushes for financial shake-up>
- ^ Houghton Mifflin Harcourt Secures New $650-Million Cash Investment and Recapitalizes Balance Sheet in Historic Restructuring>
- ^ Houghton Owner Restructures Debt>
- ^ EMPG agrees $650m cash injection>
- ^ EMPG restructuring an end for old order>
- ^ Debt deal averts HMH bankruptcy>
- ^ Houghton Mifflin Harcourt Announces Successful Completion of Balance Sheet Recapitalization>
- ^ O'Callaghan firm completes debt deal>
External links
- Houghton Mifflin Harcourt Company
- Curriculum Companion
- Edusoft
- Great Source Education Group
- Houghton Mifflin Resources.com
- Holt McDougal
- Riverdeep
- Riverside Publishing
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Categories: Book publishing companies of the United States | Companies based in Boston, Massachusetts | Private equity portfolio companies | Blackstone Group companies
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