American billionaire Leon Black, CEO of Apollo Global Management and "a well-known art collector," has acquired Phaidon Press from Richard Schlagman for an undisclosed sum, the Bookseller reported. In June, the publisher hired investment bank Greenhill to find a buyer.
Schlagman, who has owned the publishing house for 22 years, said the decision "to part with Phaidon was not an easy one," but called the move "the perfect combination to guarantee a great future for Phaidon."
Black noted that he and his family "have greatly admired Phaidon and the important contribution the company has made to art and culture" and "look forward to supporting the future growth of the company, including through the ongoing development of its publishing program, further geographic expansion and the launch of digital products."
