Learning technology company Houghton Mifflin Harcourt announced Monday that it has entered into a definitive agreement to divest HMH Books & Media, its consumer publishing business, to HarperCollins Publishers, a division of News Corp. (NWSA), for a cash purchase price of $349 million.
The divestiture enables Houghton Mifflin to focus singularly on K-12 education and accelerate growth momentum in digital sales, annual recurring revenue and free cash flow while paying down a significant portion of its debt.