(Reuters) – Academic publishers McGraw-Hill Training Inc and Cengage Studying Holdings II Inc are planning an all-stock merger, the Wall Avenue Journal reported on Wednesday.
The merged firm will probably be titled McGraw Hill and can maintain about $3.16 billion in annual income, each firms advised the newspaper on Tuesday, including that Cengage Studying Chief Government Officer Michael Hansen will head the brand new agency.
If the deal stands via, the brand new firm would turn into the second-largest supplier of school textbooks and different higher-education supplies in america, the newspaper mentioned here.
The brand new entity, which may very well be valued at about $5 billion, would assist each U.S.-based instructional publishers to compete higher because the rise of digital books and course supplies pressures their companies.
McGraw-Hill Training and Cengage didn’t instantly reply to Reuters requests for feedback.
Reporting by Maria Ponnezhath, Enhancing by Sherry Jacob-Phillips