“Clifford, the big red dog”
Courtesy of Amazon Prime Video/PBS Kids
Scholastic Entertainment has announced a deal to invest $186 million in Canadian animation studio 9 Story Media Group.
A final agreement between the two companies would mean that Scholastic – whose Hollywood projects include Sony’s Goose flesh Films and the live-action/animation hybrid adaptation of Clifford, the big red dog for Paramount – acquire 100 percent of the economic shares and a minority of the voting rights in the Toronto-based company 9 Story.
The transaction, which has already been approved by 9 Story shareholders and board members, is expected to close in Scholastic’s fiscal quarter beginning June 1, 2024.
Vince Commisso, president and CEO of 9 Story, said in a statement on Tuesday: “We have been fortunate to work with Scholastic for decades, starting with my own beginnings with the popular family production, The Magic School Bus. Combining our global studios, sales and distribution capabilities with Scholastic’s existing media business, iconic name and unique capabilities opens up even more opportunities to deliver compelling stories and build impactful brands for audiences worldwide. We look forward to bringing our complementary talents together to strengthen Scholastic’s position as a leading developer, producer and distributor of kids’ and family content.”
The long-standing collaboration between Scholastic and 9 Story includes the reboot of the animated series by Clifford, the big red dog on PBS Kids and Amazon Prime Video and Eva, the little owl for Apple TV+.
“We are thrilled to build on our more than 20-year relationship with 9 Story’s exceptional management team and employees, whose culture and values couldn’t be more aligned with our own,” Peter Warwick, Scholastic’s president and CEO, said in a statement Tuesday.
9 Story and its divisions – Brown Bag Films, 9 Story Distribution International and 9 Story Brands – reported revenue of $104 million for the most recent fiscal year ended August 31, 2023.
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