Cengage and McGraw-Hill, two of the largest academic publishers remaining, have agreed to a merger on equal terms that is expected to close by early 2020, the companies announced yesterday.
Led by current Cengage CEO Michael E. Hansen, the combined company will be named McGraw Hill and feature more than 44,000 titles. Aside from Hansen, the combined company's leadership team has not been announced, but will likely be made up of members of both McGraw-Hill and Cengage. McGraw-Hill's current president and CEO Nana Banerjee will continue to lead that company through the transition.
"The new company will offer a broad range of best-in-class content--delivered through digital platforms at an affordable price," said Hansen. "Together, we will usher in an era in which all students can afford the quality learning materials needed to succeed--regardless of their socioeconomic status or the institution they attend. Additionally, the combined company will have robust financial strength to invest in next-generation products, technology and services that create superior experiences and value for millions of students."
Headquartered in Boston, Mass., Cengage serves the K-12, library and workforce training markets and is known for its higher education digital subscription service Cengage Unlimited. McGraw-Hill, based in New York City, has offices around the world and offers its array of learning materials in more than 75 languages.
Banerjee said: "For more than a century, our goal has been to unlock the potential of each learner and improve lives through education. Combining our two companies and our complementary offerings will enable us to continue innovating. In this way we can continue to empower students and educators around the world with a wide choice of affordable, engaging course materials and advanced digital platforms to help them succeed throughout a lifetime of learning."