News Corp announced today that it has agreed to acquire romance imprint Harlequin Enterprises from Torstar Corporation, in a deal whose terms were not disclosed. News Corp will make Harlequin a division of its subsidiary HarperCollins Publishers.
“Harlequin is a perfect fit for the new News Corp, vastly expanding our digital platform, extending our reach across borders and languages, and is expected to provide an immediate lift to earnings,” explained Robert Thomson, Chief Executive of News Corp, in a press release. “Harlequin has a devoted audience around the globe and an empathetic insight into contemporary cultures, which is itself a remarkable resource. 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.”
The deal will help HarperCollins goal to expand into more foreign markets. Harlequin has titles in 34 languages and sells in more than 100 international markets. Harlequin earns about 40 percent of its revenues come from non-English books, whereas 99 percent of HarperCollins books are published in English.