Wiley & Sons Plans to Sell Frommer's, CliffsNotes
Posted on March 8, 2012Wiley & Sons announced that it plans to some of its assets. The assets include the Frommer's brand, Webster's New World and CliffsNotes. Wiley also plans to sell some assets in culinary, general interest, nautical, pets and crafts. The publisher has hired Allen & Company LLC to explore the sale of these assets.
Wiley's Dummies brand is not part of the asset sale. There are also no categories in Wiley's scientific, technical, medical, and scholarly and global eucation operating units up for sale.
Stephen M. Smith, Wiley's President and Chief Executive Officer, said in a statement, "We plan to drive long-term growth, accelerate our digital transformation, and optimize our return on investment by investing in content and services that provide our customers in research, learning and professional practice with knowledge resources that help them to realize their professional and personal goals. As a result, Wiley will re-deploy resources in its Professional/Trade business to build on its global market-leading positions in business, finance, accounting, leadership, technology, architecture, psychology, education, and through the For Dummies brand."