Chinese publisher acquires US children's book business

Chinese publisher Phoenix Media on Wednesday confirmed the $80 million acquisition of the children's book business of U.S. publisher Publications International, LTD (PIL).

Phoenix Media is a wholly owned subsidiary of Jiangsu Phoenix Publishing Co., based in Nanjing, capital of east China's Jiangsu Province.

The acquisition covers all the children's book business assets owned by the Illinois-based PIL, including its overseas subsidiaries in Germany, France and Mexico.

It is the largest transnational merger by a Chinese publishing house.

A spokesman with Phoenix Media said PIL's children's book business includes not only paper publications but a chain of cultural products, including audio children's books and early childhood educational products, which is an advantageous supplement to Phoenix's product chain.

The listing of Phoenix Media on the A-share market in Shanghai in 2011 was China's largest IPO in the traditional publishing and media field. The company's stock edged up 0.96 percent on Wednesday to close at 8.38 yuan ($1.3) per share.

PIL, founded in 1967, mainly publishes and markets children's books, cooking books and popular science books.