News Corp. is buying Harlequin Enterprises from Torstar Corporation for $415 million in cash and will make it a division of HarperCollins. Harlequin's headquarters will remain in Toronto, as will the offices of HarperCollins Canada.Founded in 1949 and bought by Torstar in 1981, Harlequin publishes more than 110 titles monthly in 34 languages in more than 100 markets. In 2013, Harlequin revenues were US$363 million, about 95% of which came from outside Canada.
"Harlequin has a devoted audience around the globe and an empathetic insight into contemporary cultures, which is itself a remarkable resource," News Corp. CEO Robert Thomson said. "This acquisition will broaden the boundaries of both HarperCollins and Harlequin, and is a significant step in our strategy to establish a network of digital properties in the growth regions of the world."
Brian Murray, HarperCollins president and CEO, commented: "Harlequin has built one of the largest and most widely recognized consumer brands in publishing with a highly focused publishing program for women.... The Harlequin name and rich heritage will be preserved independently, with the aim to leverage capabilities to bring the book-reading public more choices. Harlequin's business has grown internationally, and will give HarperCollins an immediate foothold in 11 new countries from which we can expand into dozens of foreign languages for authors who choose to work with us globally."
Torstar president and CEO David Holland told the Toronto Star, which Torstar owns, that News Corp. had approached Torstar about the sale.
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