The acquisition is the latest in a series of moves that have led to continued consolidation among larger publishers.
The New York Times reported that all proceeds from the sale will go to Whispering Bells, a charitable foundation set up by Peter and Carolan Workman. Workman executive chair and president Carolan Workman will retire at the close of the transaction. When the acquisition is completed, the new Workman group at Hachette will be led by current Workman CEO Dan Reynolds, who will report to Hachette CEO Michael Pietsch and will join HBG's executive management board. The company also is the distributor for The Experiment, duopress, Erewhon Books, and Familius. Kliban's Cat, The Official Preppy Handbook, The Silver Palate Cookbook, What to Expect When You're Expecting (and the What to Expect line), Sandra Boynton's children's books and 1,000 Places to See Before You Die. Workman has developed many popular publishing franchises, such as Brain Quest and Page-a-Day calendars. Workman's strongest categories include cookbooks, parenting/pregnancy guides, gardening, country living, humor, children's books, gift books, fiction, audio and calendars. All but the audiobooks imprint will comprise Hachette's eighth publishing group. One of the largest independent publishers left in the U.S., Workman includes Workman Publishing, Workman Audio, Algonquin Books of Chapel Hill, Algonquin Young Readers, Artisan, Storey Publishing, and Timber Press. Workman had sales of $134 million in 2020, up 12% over 2019. Hachette Book Group is buying Workman Publishing for $240 million, a deal that will close after regulatory approval is received, which Hachette parent company Lagardère said is expected to be this fall.
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