Houghton Mifflin Harcourt Acquires Channel One News
Houghton Mifflin Harcourt, the Boston-based education content provider, announced Tuesday that it has acquired Channel One News, the New York City-based digital-content provider known for its student-targeted news broadcasts.
Details of the transaction were not disclosed.
Channel One News, founded in 1989, produces daily news programs that are broadcast to nearly 5 million students in upper-elementary, middle, and high schools across the United States. The shows are delivered online and via satellite.
The acquisition was a strategic move, Houghton Mifflin Harcourt said in its announcement. Adding the video-production capabilities of Channel One to the publishing company that markets Go Math!, among other educational materials, represents an investment in "the continued development of high-quality digital content for students, teachers, and parents across multiple modalities, and will bring significant video and cross-media production capabilities in-house," the announcement said.
"Channel One News is a longtime K-12 industry player that shares our commitment to high-quality digital content and the importance of curiosity in learning," Linda Zecher, Houghton Mifflin Harcourt's president and CEO, said in the release.
From Channel One's vantage point, the acquisition will mean the digital-content company "can leverage HMH's leading K-12 market position and its deep relationships with school districts across the U.S. to offer innovative digital content and resources on an even broader scale," C.J. Kettler, Channel One's CEO, said in the statement.
Houghton Mifflin Harcourt, which is publicly traded under the HMHC ticker symbol, closed at $18.46 on Tuesday, up $2.50 per share from the day the company originally went public in November. Before that, Houghton Mifflin Harcourt emerged from bankruptcy in June 2012.