NEW YORK, May 24, 1999 — William J. Pesce, President and Chief Executive Officer of John Wiley & Sons, Inc., announced today that Wiley has signed an agreement to purchase the San-Francisco-based publisher, Jossey-Bass, from Pearson. It is expected that results from this acquisition should be slightly dilutive to earnings in the first year, with a positive contribution to EPS and operating margins thereafter. The acquisition, which is subject to Hart Scott Rodino review, is expected to close within 60 days. The purchase price will approximate $82 million in cash.
“Like Wiley, Jossey-Bass has a strong reputation as a publisher of highly regarded professional books and journals. Their publishing programs will solidify our positions in key markets. We look forward, with enthusiasm, to collaborating with the Jossey-Bass team,” said Mr. Pesce.
“The acquisitions of Jossey-Bass and the higher education titles from Pearson (announced on May 11) are superb opportunities for Wiley to strengthen our market positions and leverage our infrastructure in core business areas,” explained Mr. Pesce. “Over the past decade, Wiley has gained market share and improved operating margins consistently. These acquisitions will allow us to continue to deliver quality content to our customers, while increasing shareholder value.”
Jossey-Bass, which was founded in 1967, is a publisher of books and journals for professionals and executives, primarily in the areas of business, psychology, and education/health management. Jossey-Bass has important publishing relationships with the Peter F. Drucker Foundation, the Center for Creative Leadership, and Booz Allen Hamilton. They published more than 200 titles in 1998.
Founded in 1807, John Wiley & Sons, Inc., is an independent, global publisher of print and electronic product, specializing in professional and consumer books and subscription services; textbooks and educational materials for colleges and universities; as well as scientific and technical books and journals. Wiley has publishing, marketing, and distribution centers located in the U.S., Canada, Europe, Asia, and Australia. The company’s Class A and Class B shares are listed on the New York Stock Exchange under the symbols JWa and JWb, respectively. Wiley’s Internet site can be accessed at http://www.wiley.com.