Houghton Mifflin Harcourt

{{Short description|American publisher of textbooks}} {{Use mdy dates|date=September 2023}} {{Use American English|date=February 2022}} {{Infobox publisher | name = {{nowrap|Houghton Mifflin Harcourt Company}} | image = Houghton Mifflin Harcourt (HMH) logo 2024.svg | image_size = 250px | traded_as = (as Houghton Mifflin Harcourt) Nasdaq: HMH (2013–2022) (as Houghton Mifflin) {{NYSE was| HTN}} (1967–2001) | founded = {{start date and age|1832}}<br />(as Ticknor and Allen) | country = United States | headquarters = Boston, Massachusetts, United States<ref>{{Cite web| title = About Us: Offices| format = Text| access-date = May 1, 2019| url = https://www.hmhco.com/about-us/our-offices| archive-date = May 1, 2019| archive-url = https://web.archive.org/web/20190501195618/https://www.hmhco.com/about-us/our-offices| url-status = dead}}</ref> | distribution = Self-distributed (US)<ref>{{Cite web| title = The 2016 Book Distributors Profiles – Publishing Trends| access-date = December 25, 2017| url = http://www.publishingtrends.com/2016/10/6788/}}</ref><br />Raincoast Books (Canada trade)<ref>{{Cite web| title = Houghton Mifflin Harcourt| format = Text| access-date = December 25, 2017| url = http://www.raincoast.com/publishers/details/houghton-mifflin-harcourt/}}</ref><br />Nelson (Canada textbooks)<ref>{{Cite web| last = Cavanagh| first = Sean| title = Canadian Publisher Nelson, Houghton Mifflin Harcourt Strike Deal on Distribution| work = Market Brief| access-date = January 21, 2018| date = November 13, 2017| url = https://marketbrief.edweek.org/marketplace-k-12/canadian-publisher-nelson-houghton-mifflin-harcourt-strike-deal-distribution/}}</ref><br />Melia Publishing Services (UK)<ref>{{Cite web| title = About: Melia| access-date = December 25, 2017| url = http://www.melia.co.uk/page/about/}}</ref><br />Hachette Client Services (Latin America, South America, Asia and Europe)<ref>[https://www.hachettebookgroup.biz/client-publishers/our-clients/ Hachette – Our Clients]</ref><br />Peribo (Australia)<ref>{{Cite web| title = Prelude Books| access-date = February 12, 2018| url = http://www.peribo.com.au/titles-by-publisher}}</ref> | keypeople = Jack Lynch (president & CEO)<ref>{{Cite web| title = About Us: Leadership| format = Text| access-date = May 1, 2019| url = https://www.hmhco.com/about-us/our-leadership| archive-date = July 11, 2023| archive-url = https://web.archive.org/web/20230711215723/https://www.hmhco.com/about-us/our-leadership| url-status = dead}}</ref> | publications = Books, software | topics = | genre = | owner = Veritas Capital | imprints = Graphia, Sandpiper, HMH Books for Young Readers, John Joseph Adams Books | revenue = {{Increase}} $1.41 billion (2017) | numemployees = 4,000+ | url = {{URL|https://www.hmhco.com/}}<br/>{{URL|https://www.hmhbooks.com/}} }}

'''Houghton Mifflin Harcourt Company''' ('''HMH''') ({{IPAc-en|ˈ|h|oʊ|t|ən}}, {{Respelling|HOH|tən}}<ref name="Pronounce"> {{ cite web | url=http://www.hmco.com/company/about_hm/pronunciation/pronunciation.html | url-status=dead | access-date=December 23, 2008 | title=Pronunciation Guide | website=Old Houghton Mifflin Site | language=en-us | archive-url=https://web.archive.org/web/20071223153251/http://www.hmco.com/company/about_hm/pronunciation/pronunciation.html | archive-date=December 23, 2007 | ref=Pronounce }} </ref>) is an American publisher of textbooks, instructional technology materials, assessments, and reference works. The company is based in the Boston Financial District. It was formerly known as the '''Houghton Mifflin Company''', but it changed its name following the 2007 acquisition of Harcourt Publishing.<ref>{{cite web |url= http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=279374 |archive-url= https://web.archive.org/web/20110926155059/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=279374 |url-status= dead |archive-date= September 26, 2011 |title=Houghton Mifflin Harcourt Publishing Company: Private Company Information – |work=investing.businessweek.com|access-date=April 23, 2012}}</ref> Before March 2010, it was a subsidiary of Education Media and Publishing Group Limited, an Irish-owned holding company registered in the Cayman Islands and formerly known as Riverdeep. In 2022, it was acquired by Veritas Capital, a New York–based private-equity firm.

== History== thumb|right|Houghton Mifflin Harcourt at 222 Berkeley Street, Boston, MassachusettsIn 1832, William Ticknor and John Allen purchased a bookselling business in Boston and began publishing themselves; James T. Fields joined as a partner in 1843 and would go on to publish works by Ralph Waldo Emerson, Nathaniel Hawthorne, and Henry David Thoreau.<ref>{{cite book |last=Winship |first=Michael |date=1995 |title=American Literary Publishing in the Mid-Nineteenth Century: The Business of Ticknor and Fields |location=Cambridge |publisher=Cambridge University Press |pages=15–17, 20–21 |isbn=0521454697}}</ref> They formed a close relationship with Riverside Press, a Boston printing company owned by Henry Oscar Houghton. Houghton also founded his own publishing company, Hurd and Houghton, with partner Richard M. Hurd in 1864, with George H. Mifflin joining the partnership in 1872.{{sfn|Ballou|1970|pp=55, 131}}

In 1878, Ticknor and Fields, now under the leadership of James R. Osgood, found itself in financial difficulties and merged its operations with Hurd and Houghton. The new partnership, named Houghton, Osgood and Company, and based in Boston's Winthrop Square,<ref>''The Waldenses of To-day'', George Edwin Waring Jr. (1879)</ref> held the rights to the literary works of both publishers.{{sfn|Winship|1995|pp=22-23}} When Osgood left the firm two years later, the business reemerged as Houghton, Mifflin and Company. Despite a financially successful partnership with Lawson Valentine, Houghton, Mifflin and Company retained debt it had inherited from Ticknor and Fields. In 1884, James D. Hurd, the son of Melancthon Hurd, became a partner. In 1888, the firm added James Murray Kay, Thurlow Weed Barnes, and Henry Oscar Houghton Jr.{{sfn|Ballou|1970|pp=276-278, 303-304}}

=== Incorporation and expansion (1891–2000) === In 1891, the company established an educational division. The firm incorporated in 1908 and changed its name to Houghton Mifflin Company.{{sfn|Ballou|1970|pp=494-495}}

In 1916, Houghton Mifflin began publishing standardized tests, working with ACT creator Everett Franklin Lindquist. By 1921, the company was the fourth-largest educational publisher in the United States.

In 1961, Alfred A. Knopf published the first volume of Julia Child, Simone Beck, and Louisette Bertholle's ''Mastering the Art of French Cooking'', after Houghton Mifflin rejected the manuscript.<ref>{{cite news |last=Parsons |first=Russ |title=Book review: 'As Always, Julia: The Letters of Julia Child and Avis DeVoto' by Joan Reardon |url=https://www.latimes.com/entertainment/la-xpm-2010-dec-05-la-ca-julia-child-20101205-story.html |work=Los Angeles Times |date=December 5, 2010 |access-date=May 28, 2026}}</ref><ref>{{cite magazine |title=Food: Everyone's in the Kitchen |url=https://time.com/4230699/food-everyones-in-the-kitchen/ |magazine=Time |date=November 25, 1966 |access-date=May 28, 2026}}</ref> The book had sold close to 300,000 copies by 1966, according to ''Time''.<ref>{{cite magazine |title=Food: Everyone's in the Kitchen |url=https://time.com/4230699/food-everyones-in-the-kitchen/ |magazine=Time |date=November 25, 1966 |access-date=May 28, 2026}}</ref> Houghton Mifflin's rejection of the manuscript was later dramatized in the 2009 film ''Julie & Julia''.

In 1967, Houghton Mifflin became a publicly traded company on the New York Stock Exchange under the stock symbol "HTN."

In 1979, Houghton Mifflin acquired the catalog of Parnassus Press,<ref>{{cite book |last1=Copyrights |first1=United States Congress Senate Committee on the Judiciary Subcommittee on Patents, Trademarks, and |title=Copyright Law Revision: Hearings Before the United States Senate Committee on the Judiciary, Subcommittee on Patents, Trademarks, and Copyrights, Ninetieth Congress, First Session |date=1967 |publisher=U.S. Government Printing Office |page=1114 |url=https://books.google.com/books?id=AllFAQAAMAAJ&q=Parnassus+Press+Berkeley&pg=PA1114 |language=en |quote=Parnassus Press; 2422 Ashley Avenue; Berkeley, California 94705}}</ref><ref>{{cite book |title=Bibliography of Spanish Materials for Children |url=https://files.eric.ed.gov/fulltext/ED048797.pdf |access-date=February 13, 2021 |quote=Parnassus Press 2422 Ashby Ave Berkeley, CA 94705}}</ref><ref>{{cite book |title=Nongovernment Organization Codes for Military Standard Contract Administration Procedures (MILSCAP), United States and Canada, Code to Name |year=1974 |publisher=Department of Defense, Defense Logistics Agency, Defense Logistics Services Center |url=https://books.google.com/books?id=O9QxGDcc5h8C&q=Parnassus+Press+2422+Ashby+Ave+Berkeley,+CA+94705&pg=RA2-PA599 |access-date=February 13, 2021 |language=en |quote=Parnassus Press 2422 Ashby Ave Berkeley, CA 94705}}</ref> a Berkeley, California small press, established in 1957 by Herman Schein, the husband of writer-illustrator Ruth Robbins.<ref>{{cite web |title=Finding Aid to the Parnassus Press records, 1930-1989 (bulk 1955-1978) |url=https://oac.cdlib.org/findaid/ark:/13030/k61v5bw1/ |website=Online Archive of California |access-date=February 13, 2021 |quote=A beacon of publishing and children's literature on the West Coast, the complete catalog of the Parnassus Press were sold to Houghton Mifflin in 1979.}}</ref><ref>{{cite web |title=Publisher: Parnassus Press |url=http://www.isfdb.org/cgi-bin/publisher.cgi?367 |website=isfdb.org |access-date=February 13, 2021}}</ref><ref>{{cite web |title=Parnassus Press |url=https://www.worldcat.org/search?q=au%3A%22Parnassus+Press%22%2C&qt=hot_author#x0%253Abook-%2C%2528x0%253Abook%2Bx4%253Aprintbook%2529%2C%2528x0%253Abook%2Bx4%253Amss%2529%2C%2528x0%253Abook%2Bx4%253Amic%2529format |website=WorldCat.org |access-date=February 13, 2021 |language=en}}</ref><ref>{{cite web |title=Parnassus Press |url=https://id.loc.gov/authorities/names/no2011063443.html |website=Name Authority File |publisher=Library of Congress |access-date=February 13, 2021}}</ref> Works by authors included: Ursula K. Le Guin, Theodora Kroeber, Nicolas Sidjakov, Edward Ormondroyd, Charlotte Zolotow, Anne B. Fisher, Allen Say,<!-- Betty Ferguson, https://www.mercerunion.org/exhibitions/phantom-oasismultimedia-installation/ --> Beverly Cleary, Crawford Kilian, Adrien Stoutenburg, and Sam DeWitt. In 1979, Houghton Mifflin acquired Clarion Books, the children's division of Seabury Press.<ref>{{Cite news| issn = 0362-4331| last = Lask| first = Thomas| title = A 'Memoir' of Gandhi By Shirer Due in 1980| work = The New York Times| access-date = April 2, 2019| date = June 14, 1979| url = https://www.nytimes.com/1979/06/14/archives/a-memoir-of-gandhi-by-shirer-due-in-1980-new-encyclopedia-houghton.html}}</ref> In 1980, Houghton Mifflin acquired the educational publishing operations of Rand McNally.<ref>{{Cite web| title = Houghton Mifflin Company {{!}} Encyclopedia.com| accessdate = March 30, 2021| url = https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/houghton-mifflin-company}}</ref>

Under Nader F. Darehshori, Houghton Mifflin acquired educational publisher McDougal Littell in 1994, for $138&nbsp;million, and in 1995 acquired D.C. Heath and Company, a publisher of supplemental educational resources.<ref>{{cite web|url=http://www.fundinguniverse.com/company-histories/houghton-mifflin-company-history/ |title=History of Houghton Mifflin Company |publisher=Fundinguniverse.com |access-date=August 18, 2013}}</ref><ref>{{cite web |url=http://mcdougallittell.com/ml/about.htm?page=history |title=About McDougal Littell |publisher=Mcdougallittell.com |access-date=August 18, 2013 |archive-url=https://web.archive.org/web/20130603132527/http://mcdougallittell.com/ml/about.htm?page=history |archive-date=June 3, 2013 |url-status=dead }}</ref> In 1995, it acquired Chapters Publishing, a publisher focused on cooking, gardening, and crafts.<ref>{{Cite journal| title = HM buys Vermont's Chapters| journal = Publishers Weekly| access-date = November 29, 2019| date = May 19, 1997| volume = 244| issue = 20| pages = 13–14| url = http://link.galegroup.com/apps/doc/A19420137/LitRC?sid=googlescholar}}</ref> In 1996, Houghton Mifflin created their Great Source Education Group to combine the supplemental material product lines of their school division, McDougal Littell, and Heath.

In 1998, HMH announced a sub-brand called LOGAL Software, which was to release a new line of interactive science software called ''Science Gateways'', to support the United States curriculum.<ref>{{Cite press release|url=http://www.prnewswire.com/news-releases/logal-software-inc-to-debut-science-gateways-product-line-78061512.html|title=LOGAL Software, Inc. to Debut Science Gateways Product Line|last=Ltd.|first=LOGAL Educational Software & Systems|website=www.prnewswire.com|access-date=January 17, 2017}}</ref>

=== Harcourt merger (2001–2007) === In 2001, Houghton Mifflin was acquired by French media giant Vivendi Universal for $2.2&nbsp;billion, including assumed debt. Vivendi Universal already owned the British children's publisher Kingfisher, which later became an imprint of Houghton Mifflin.<ref>{{Cite web| title = HM Absorbs Kingfisher| work = PublishersWeekly.com| access-date = November 29, 2019| url = https://www.publishersweekly.com/pw/print/20011210/20910-hm-absorbs-kingfisher.html}}</ref> In 2002, facing mounting financial and legal pressures, Vivendi sold Houghton to private equity investors Thomas H. Lee Partners, Bain Capital, and Blackstone Group for $1.66&nbsp;billion, including assumed debt (approximately 25% less than Vivendi had paid a year earlier).<ref>SUZANNE KAPNER AND ANDREW ROSS SORKIN. "[https://query.nytimes.com/gst/fullpage.html?res=9B01E2D6103FF932A05753C1A9649C8B63 Market Place; Vivendi Is Said To Be Near Sale Of Houghton]." ''New York Times'', October 31, 2002</ref><ref>"[https://query.nytimes.com/gst/fullpage.html?res=9504E2DC133FF932A35752C0A9659C8B63 COMPANY NEWS; VIVENDI FINISHES SALE OF HOUGHTON MIFFLIN TO INVESTORS]." ''New York Times'', January 1, 2003.</ref>

On December 22, 2006, it was announced that Riverdeep PLC had completed its acquisition of Houghton Mifflin. The new joint enterprise would be called the Houghton Mifflin Riverdeep Group. Riverdeep paid $1.75&nbsp;billion in cash and assumed $1.61&nbsp;billion in debt from the private investment firms Thomas H. Lee Partners, Bain Capital, and Blackstone Group.<ref>[http://www.bookdownloading.com/article/detail/irish-company-completes-houghton-mifflin-acquisition/ "Irish company completes Houghton Mifflin acquisition"] {{Webarchive|url=https://web.archive.org/web/20150909143218/http://www.bookdownloading.com/article/detail/irish-company-completes-houghton-mifflin-acquisition/ |date=September 9, 2015 }}, Bookdownloading.com, December 22, 2006.</ref> Tony Lucki, a former non-executive director of Riverdeep, remained in his position as the company's chief executive officer until April 2009.<ref>Edgecliffe-Johnson, Andrew and Peter Smith. [https://www.ft.com/content/8d158afe-63c5-11db-bc82-0000779e2340 "Riverdeep in talks over $3.5bn takeover of Houghton Mifflin"], ''Financial Times'', October 25, 2006.</ref>

Houghton Mifflin sold its professional testing unit, Promissor, to Pearson plc in 2006.<ref>{{Cite web|title=Houghton Mifflin sells Promissor unit for $42M|url=https://www.bizjournals.com/boston/stories/2006/01/23/daily3.html|access-date=July 6, 2021|website=www.bizjournals.com}}</ref> The company combined its remaining assessment products within Riverside Publishing, including San Francisco-based Edusoft.thumb|right|200px|Logo used from 2012 to 2024 On July 16, 2007, Houghton Mifflin Riverdeep announced that it signed a definitive agreement to acquire the Harcourt's education and trade divisions, and Greenwood-Heinemann divisions of Reed Elsevier for $4&nbsp;billion. The expanded company would become Houghton Mifflin Harcourt. McDougal Littell was merged with Harcourt's Holt, Rinehart & Winston to form Holt McDougal.

In October 2007, Houghton Mifflin sold Kingfisher to Macmillan Publishers.<ref>{{Cite web| title = Macmillan Acquires Kingfisher| work = PublishersWeekly.com| access-date = November 29, 2019| url = https://www.publishersweekly.com/pw/by-topic/childrens/childrens-book-news/article/17526-macmillan-acquires-kingfisher.html}}</ref>

On December 3, 2007, Cengage Learning (formerly Thomson Learning) announced that it had agreed to acquire the assets of the Houghton Mifflin College Division for $750&nbsp;million, pending regulatory approval.

=== Recent history (2008–present) === On November 25, 2008, Houghton Mifflin Harcourt announced a temporary freeze on the acquisition of new trade division titles, allegedly in response to the 2008 financial crisis.<ref>Trachtenberg, Jeffrey A. [https://www.wsj.com/articles/SB122757239732754777 "Writers' Block: Houghton Won't Acquire New Books"], ''Wall Street Journal'', November 25, 2008.</ref> The publisher of the trade division resigned, apparently in protest.<ref>[http://www.salon.com/wires/ap/entertainment/2008/12/02/D94QLLP80_books_publisher_quits/index.html]{{dead link|date=August 2013}}</ref> Many observers familiar with the publishing industry saw the move as a devastating blunder.<ref>[http://www.mediabistro.com/galleycat/the_revolving_door/houghton_mifflin_harcourt_breakdown_nobody_could_see_this_coming_102251.asp] {{webarchive|url=https://web.archive.org/web/20081206072324/http://www.mediabistro.com/galleycat/the_revolving_door/houghton_mifflin_harcourt_breakdown_nobody_could_see_this_coming_102251.asp|date=December 6, 2008}}</ref><ref>{{cite news| url=https://www.nytimes.com/2008/12/28/weekinreview/28streitfeld.html?_r=1&em | work=The New York Times | first=David | last=Streitfeld | title=Bargain Hunting for Books, and Feeling Sheepish About It | date=December 28, 2008}}</ref>

Harcourt Religion was sold to Our Sunday Visitor in 2009.<ref>{{cite press release|url=http://www.prweb.com/releases/Harcourt_Religion/Catholic_Publisher/prweb2497814.htm |archive-url=https://web.archive.org/web/20090608183351/http://www.prweb.com/releases/Harcourt_Religion/Catholic_Publisher/prweb2497814.htm |url-status=dead |archive-date=June 8, 2009 |title=A New Day in Catechesis – Our Sunday Visitor Acquires Harcourt Religion Publishers from Houghton Mifflin Harcourt |publisher=Prweb.com |date=June 5, 2009 |access-date=August 18, 2013}}</ref>

On July 27, 2009, the ''Irish Independent'' newspaper reported that Houghton Mifflin Harcourt's controlling shareholder EMPG was in the process of restructuring negotiations with its unsecured-debt holders that would lead to the conversion of the debt into equity. The news story reported that the unsecured debt holders would receive a 45% equity stake. As a result, the royal family of Dubai via their Istithmar World Capital investment vehicle became major stakeholders.<ref name="Dubai's royal family to buy up stake in EMPG">{{cite news|url=http://www.independent.ie/business/world/dubais-royal-family-to-buy-up-stake-in-empg-1843677.html |title=Dubai's royal family to buy up stake in EMPG |work=Irish Independent |date=July 28, 2009 |access-date=August 18, 2013}}</ref> Estimates were that EMPG would cut its debt from $7.3bn to $6.1bn. On August 15, 2009, the ''Financial Times'' reported in an interview with Houghton Mifflin Harcourt's CEO at the time, Barry O'Callaghan, that the refinancing had received approval from more than 90% of lenders. The terms included the holding company debt converting into 45% of the fully diluted common equity, an effective 25 percent relaxation of financial covenants, second lien lenders agreeing to convert their holdings into a PIK instrument, reducing annual interest costs by $100m, and a further $50m increase its working capital facility.<ref name="EMPG refinancing will cut $7.6bn debt">{{cite web|last=Edgecliffe |first=Andrew |url=https://www.ft.com/content/defa4846-8933-11de-b50f-00144feabdc0 |title=EMPG refinancing will cut $7.6bn debt |work=Financial Times |date=August 15, 2009 |access-date=August 18, 2013}}</ref>

The company confirmed a further restructuring of Houghton Mifflin Harcourt's debts on January 13, 2010.<ref name="EMPG pushes for financial shake-up">{{cite web|url=https://www.ft.com/content/80ee0426-00ad-11df-ae8d-00144feabdc0 |title=EMPG pushes for financial shake-up |work=Financial Times |date=January 14, 2010 |access-date=August 18, 2013}}</ref> The proposed restructuring materially impacted the shareholders of EMPG, the former holding company of Houghton Mifflin Harcourt.{{Citation needed|date=September 2025}}

On February 22, 2010, Houghton Mifflin Harcourt announced that EMPG and HMH had reached an agreement to restructure the company's finances and recapitalize its balance sheet with a substantial infusion of fresh cash from institutional investors.<ref name="Houghton Mifflin Harcourt Secures">{{cite web |url=http://www.bookdownloading.com/article/detail/houghton-mifflin-harcourt-secures-new-650-million-cash-investment-and-recapitalizes-balance-sheet-in-historic-restructuring/ |title=Houghton Mifflin Harcourt Secures New $650-Million Cash Investment and Recapitalizes Balance Sheet in Historic Restructuring |publisher=Bookdownloading.com |access-date=May 31, 2015 |archive-url=https://web.archive.org/web/20150909151521/http://www.bookdownloading.com/article/detail/houghton-mifflin-harcourt-secures-new-650-million-cash-investment-and-recapitalizes-balance-sheet-in-historic-restructuring/ |archive-date=September 9, 2015 |url-status=dead }}</ref>

The agreement, supported by 100% of HMH's creditors, highlighted a reduction in the senior debt to $3&nbsp;billion from the current $5&nbsp;billion, with new equity issued to the senior debt holders (including Paulson & Co. and Guggenheim Partners),<ref name="Houghton Owner Restructures Debt">{{cite news|url=https://www.wsj.com/articles/SB10001424052748704454304575081652306551196 |title=Houghton Mifflin Parent Company Restructures Debt - WSJ.com |publisher=Online.wsj.com |date=February 23, 2010 |access-date=August 18, 2013}}</ref> conversion of the $2 billion mezzanine debt into equity and warrant, receipt of $650m of new cash from the sale of new equity. In addition to the key highlights, HMH announced its $100&nbsp;million Innovation Fund to invest in the next generation of technology for the education industry.

The ''Irish Times''<ref name="EMPG agrees $650m cash injection">{{cite news| url=http://www.irishtimes.com/newspaper/finance/2010/0223/1224265034016.html|title=EMPG agrees $650 cash injection | newspaper=The Irish Times|access-date=February 24, 2015}}</ref> reported that the investments by the then equity holders of EMPG, including HMH's CEO at the time, Barry O'Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others of over $3.5&nbsp;billion would be written down to zero. Additionally, the Irish Independent reported that following the restructuring, the investors of EMPG would have a nominal investment in Houghton Mifflin Harcourt via warrants over 5% of the company if it exceeded the $10 billion valuation<ref name="EMPG restructuring an end for old order">{{cite news|url=http://www.independent.ie/business/irish/empg-restructuring-an-end-for-old-order-2074843.html |archive-url=https://archive.today/20130217194722/http://www.independent.ie/business/irish/empg-restructuring-an-end-for-old-order-2074843.html |url-status=dead |archive-date=February 17, 2013 |title=EMPG restructuring an end for old order |publisher=Independent.ie |date=February 23, 2010 |access-date=August 18, 2013 }}</ref> placed on the company at the time of the merger between Houghton Mifflin Riverdeep and Harcourt. In addition to the warrants in HMH, the EMPG shareholders would continue to hold a stake in the international investment vehicle, EMPGI, which has investments in China, the Middle East, and elsewhere.

The ''Financial Times'' reported<ref name="Debt deal averts HMH bankruptcy">{{cite web|last=Edgecliffe |first=Andrew |url=https://www.ft.com/content/afcee2aa-2011-11df-81a2-00144feab49a |title=Debt deal averts HMH bankruptcy |publisher=FT.com |date=February 23, 2010 |access-date=August 18, 2013}}</ref> that no management changes were expected as part of the deal with both the CEO at the time, Barry O'Callaghan and the CFO, Michael Muldowney expected to remain in their roles. The Times reported that a new nine-member board was to be created, with the CEO as the only executive representative, one independent member, two representatives from Paulson & Co., and one director from each of Apollo, BlackRock, Guggenheim Partners, Fidelity, and Avenue Capital.

On March 10, 2010, Houghton Mifflin Harcourt announced that it had completed its re-capitalization.<ref name="Houghton Mifflin Harcourt Announces Successful Completion of Balance Sheet Recapitalization">{{cite web|url=http://www.businesswire.com/portal/site/boston10/permalink/?ndmViewId=news_view&newsId=20100310005207&newsLang=en |title=Houghton Mifflin Harcourt Announces Successful Completion of Balance Sheet Recapitalization |publisher=Business Wire |date=March 10, 2010 |access-date=August 18, 2013}}</ref> In addition to a new investment of $650 million of equity, the debt levels of the company were reduced by approximately 60% and the annual interest payments by over 75%. According to the Irish State Broadcaster, RTÉ, the old equity investors based in Ireland have lost all their investment.<ref name="O'Callaghan firm completes debt deal">{{cite news|url=http://www.rte.ie/news/2010/0310/epmg-business.html |title=O'Calaghan firm completes debt deal – RTÉ News |publisher=Rte.ie |date= March 10, 2010|access-date=August 18, 2013}}</ref> The ''Irish Independent'' reported that the old shareholders were denied a shareholders meeting to vote or discuss the restructuring.<ref name="Shareholder anger over EMPG deal">{{cite news|url=http://www.independent.ie/business/irish/shareholder-anger-over-empg-deal-2095087.html |archive-url=https://archive.today/20120802120905/http://www.independent.ie/business/irish/shareholder-anger-over-empg-deal-2095087.html |url-status=dead |archive-date=August 2, 2012 |title=Shareholder anger over EMPG deal |publisher=Independent.ie |date=March 11, 2010 |access-date=August 18, 2013 }}</ref> The former shareholders have been left with warrants over 5% of the company, in the case its value recovers to previous levels.

In 2012, HMH acquired the culinary and reference portfolio of John Wiley & Sons, including CliffsNotes and ''Webster's New World Dictionary''.<ref>{{Cite web | title = In Deal With Wiley, Houghton Acquires Cookbooks and CliffsNotes | work = Media Decoder Blog | date = November 8, 2012 | access-date = September 6, 2014 | url = http://mediadecoder.blogs.nytimes.com/2012/11/08/in-deal-with-wiley-houghton-acquires-cookbooks-and-cliffsnotes/ }}</ref>

HMH went public in November 2013.<ref>{{cite news|url=https://www.reuters.com/article/houghtonmifflinharcourt-ipo-idUSL4N0IZ0HP20131114|title=Textbook publisher Houghton Mifflin Harcourt prices IPO at $12 a share|date=November 14, 2016|access-date=April 20, 2017|newspaper=Reuters}}</ref>

In 2014, Houghton Mifflin Harcourt sponsored Curious George (TV series) on PBS Kids, replacing Chuck E. Cheese.

On May 13, 2014, HMH bought Channel One News. In 2015, Houghton Mifflin struggled to find a charity that would accept royalties for ''Mein Kampf'' by Adolf Hitler.<ref>{{Cite web|url=https://www.cbsnews.com/news/hitlers-mein-kampf-boston-publisher-rethinks-handling-of-proceeds|title = Hitler's "Mein Kampf": Boston publisher rethinks handling of proceeds|website = CBS News| date=June 30, 2016 }}</ref>

On February 15, 2017, John J. ("Jack") Lynch Jr., the former CEO of Renaissance Learning, was named the new CEO of Houghton Mifflin Harcourt.<ref>{{Cite web|url=http://epaper.bostonglobe.com/popovers/dynamic_article_popover.aspx?guid=30c8188e-c775-466b-a99b-acaedcd4e6ab|title=Publisher Houghton Mifflin names new CEO - The Boston Globe|website=epaper.bostonglobe.com|access-date=January 28, 2020}}</ref>

In 2018, HMH sold its Steck-Vaughn adult education titles to Paxen Publishing and its Riverside test publishing subsidiary to Alpine Investments.<ref>{{Cite web|last=Henry|first=Alexa J.|date=April 13, 2018|title=K-12 Dealmaking: Key Data Systems Acquires Progress Testing, Edmentum Raises $25 Million, Kahoot! Forms Partnership With Code.Org|url=https://marketbrief.edweek.org/marketplace-k-12/k-12-dealmaking-edmentum-connexeo-booknook-raise-funds-key-data-systems-acquires-progress-testing/|access-date=April 27, 2020|work=Market Brief}}</ref><ref>{{Cite web| last = Smith| first = Rich| title = Why Houghton Mifflin Harcourt Company Stock Just Popped 14% Today| work = The Motley Fool| access-date = May 2, 2020| date = September 13, 2018| url = https://www.fool.com/investing/2018/09/13/why-houghton-mifflin-harcourt-company-stock-just-p.aspx}}</ref>

In 2017, it was announced that Houghton Mifflin Harcourt would be getting involved in TV production with a planned 2019 Netflix series that will revive the ''Carmen Sandiego'' franchise.<ref>{{Cite web |title='Carmen Sandiego,' New Animated Series, Coming to Netflix in 2019 |url=https://media.netflix.com/en/press-releases/carmen-sandiego-new-animated-series-coming-to-netflix-in-2019 |access-date=April 21, 2017 |website=Netflix Media Center |language=en}}</ref>

In April 2023, HMH acquired NWEA, a not-for-profit academic assessment company.<ref>{{Cite press release |last=Harcourt |first=Houghton Mifflin |title=HMH Completes Acquisition of NWEA |url=https://www.prnewswire.com/news-releases/hmh-completes-acquisition-of-nwea-301811887.html |access-date=May 1, 2023 |website=www.prnewswire.com |language=en}}</ref><ref>{{Cite web |last=Writer |first=Emma Kate Fittes Staff |date=May 1, 2023 |title=Houghton Mifflin Harcourt Closes Deal Acquiring NWEA |url=https://marketbrief.edweek.org/marketplace-k-12/houghton-mifflin-harcourt-closes-deal-acquiring-nwea/ |access-date=May 1, 2023 |website=Market Brief |language=en-US}}</ref>

On March 29, 2021, The Wall Street Journal reported that HarperCollins, a division of American mass media and publishing company News Corp, had reached a deal to buy HMH Books & Media for US$349 million. The sale includes HMH's trade publishing division and computer video game franchises, such as ''Carmen Sandiego'' and ''The Oregon Trail''. The deal would enable HMH to pay down its debt, allowing it to further its digital-first strategy in educational publishing.<ref>{{cite news |last1=Cimilluca |first1=Jeffrey A. Trachtenberg and Dana |title=News Corp to Buy Houghton Mifflin Harcourt's Consumer-Publishing Arm for $349 Million |url=https://www.wsj.com/articles/news-corp-nears-deal-to-buy-houghton-mifflin-harcourt-s-consumer-publishing-arm-11616970992 |access-date=March 29, 2021 |work=The Wall Street Journal |date=March 29, 2021}}</ref> The deal was completed on May 10.<ref>{{cite press release|title=News Corp Completes Acquisition of Houghton Mifflin Harcourt Books & Media Segment|url=https://www.businesswire.com/news/home/20210510005535/en/News-Corp-Completes-Acquisition-of-Houghton-Mifflin-Harcourt-Books-Media-Segment|publisher=News Corp|via=Business Wire|date=May 10, 2021}}</ref>

====Acquisition by Veritas Capital==== On February 22, 2022, a tender offer was announced by Veritas Capital to acquire HMH for $21 per share, or about $2.8 billion.<ref>{{Cite news |date=February 22, 2022 |title=Veritas Capital to buy Houghton Mifflin for $2.8 bln |language=en |work=Reuters |url=https://www.reuters.com/legal/transactional/veritas-capital-buy-houghton-mifflin-28-bln-2022-02-22/ |access-date=April 8, 2022}}</ref> The tender deadline was originally April 1, before being extended to April 6 on March 29.<ref>{{Cite web |date=March 29, 2022 |title=Expiration Date of Tender Offer for Houghton Mifflin Harcourt Extended to April 6, 2022 |url=https://www.businesswire.com/news/home/20220329005578/en/Expiration-Date-of-Tender-Offer-for-Houghton-Mifflin-Harcourt-Extended-to-April-6-2022 |access-date=April 8, 2022 |website=www.businesswire.com |language=en}}</ref> Before the tender date, there were over 36,000 contracts traded for the June 17 $22.5 strike price call options.<ref>{{Cite web |last=Whales |first=Unusual |date=April 6, 2022 |title=A Review of Unusual Options Activity in Houghton Mifflin Harcourt Co (HMHC), iShares Global Clean Energy ETF. (ICLN), and Cenovus Energy Inc. (CVE) |url=https://www.nasdaq.com/articles/a-review-of-unusual-options-activity-in-houghton-mifflin-harcourt-co-hmhc-ishares-global }}</ref> Many investors purchased call options based on numerous reports from institutional investors with large stakes in the company, claiming that the $21 per share offer was undervaluing the company.<ref>{{Cite news |title=Significant Shareholder Prasad Phatak Sends Letter to Houghton Mifflin Harcourt Company Board of Directors Opposing Veritas Capital Transaction |url=https://www.businesswire.com/news/home/20220306005045/en/Significant-Shareholder-Prasad-Phatak-Sends-Letter-to-Houghton-Mifflin-Harcourt-Company-Board-of-Directors-Opposing-Veritas-Capital-Transaction}}</ref> On April 6, 57% of $HMHC shares were put up for tender, leading to the tender offer going through and HMH going private.<ref>{{Cite web |title=Houghton Mifflin Harcourt Successfully Completes Sale to Veritas Capital |url=https://finance.yahoo.com/news/houghton-mifflin-harcourt-successfully-completes-110000469.html |access-date=April 8, 2022 |website=finance.yahoo.com |language=en-US}}</ref> Once the sale was completed, the stock of Houghton Mifflin Harcourt was delisted from Nasdaq.

==Leadership changes==

On September 22, 2016, Zecher resigned from HMH and was replaced by Interim CEO and Board Member L. Gordon Crovitz. Crovitz is a former publisher of the ''Wall Street Journal''.<ref>{{cite web|url=http://www.hmhco.com/media-center/press-releases/2016/september/hmh-management-news|title=Houghton Mifflin Harcourt Announces Management Change|date=September 22, 2016 |access-date=April 20, 2017}}</ref> On February 15, 2017, John J. "Jack" Lynch Jr., the former CEO of Renaissance Learning, was named the new CEO of HMH.<ref>{{cite web|last=Conti|first=Katheleen|date=February 15, 2017|title=Houghton Mifflin names new CEO|url=https://www.bostonglobe.com/business/2017/02/15/houghton-mifflin-names-new-ceo/KhVCWqDx1XKK5IZFVVhTyM/story.html|access-date=April 20, 2017|work=The Boston Globe}}</ref>

Lynch brought former employee Jim O'Neill back to the company to lead the core division as GM and EVP.<ref>{{Cite web|last=Molnar|first=Michele|date=October 19, 2017|title=Houghton Mifflin Harcourt Launches New Leadership Team|url=https://marketbrief.edweek.org/marketplace-k-12/houghton-mifflin-harcourt-launches-new-leadership-team/|access-date=January 28, 2020|website=Market Brief|language=en-US}}</ref>

==Catalog== HMH is also formerly home to media brands like Carmen Sandiego and The Oregon Trail; and brands including The Whole30; ''The Best American Series''; ''The American Heritage'' and ''Webster's New World Dictionaries''; ''Better Homes and Gardens''; ''How to Cook Everything''; the Peterson Field Guides; CliffsNotes; and many children's books, including the Curious George series and ''The Little Prince''; as well as publishing the works of J. R. R. Tolkien for United States distribution.

Some other notable books include:

* ''The Handmaid's Tale'', Margaret Atwood (1987) (E-book version)<ref>{{Cite web|title=The Handmaid's Tale|url=https://www.hmhbooks.com/shop/books/The-Handmaids-Tale/9780547345666|url-status=live|archive-url=https://web.archive.org/web/20210118044248/https://www.hmhbooks.com/shop/books/The-Handmaids-Tale/9780547345666|archive-date=January 18, 2021|access-date=April 22, 2021|website=Houghton Mifflin Harcourt}}</ref><ref>{{Cite book |title=The Handmaid's Tale - Margaret Atwood |url=https://books.google.com/books?id=ZrsVZKWJg4UC |url-status=live |archive-url=https://web.archive.org/web/20190714234908/https://books.google.com/books?id=ZrsVZKWJg4UC |archive-date=July 14, 2019 |access-date=April 22, 2021 |isbn=0547345666 |last1=Atwood |first1=Margaret |date=February 17, 1986 |publisher=HarperCollins}}</ref>

==Houghton Mifflin Interactive== Houghton Mifflin Interactive was a wholly owned subsidiary of Houghton Mifflin Company that published titles including ''Inventor Labs''.<ref>{{cite web|url=http://www.hminet.com/home/company/news/invision.html|archiveurl=https://web.archive.org/web/19970222213752/http://www.hminet.com/home/company/news/invision.html|title=News|website=Houghton Mifflin Interactive|archivedate=February 22, 1997|date=June 4, 1996|accessdate=April 17, 2025}}</ref>

==See also== * {{C|Educational publishing companies}} * Books in the United States * McGraw-Hill Education * Pearson Education

== References == {{Reflist}}

==Further reading== * {{cite book |first=Ellen B. |last=Ballou |title=The Building of the House: Houghton Mifflin's Formative Years |url=https://archive.org/details/buildingofhouseh00ball/mode/2up |location=Boston |publisher=Houghton Mifflin Company |date=1970}}

==External links== {{Wikisource publisher|Houghton, Mifflin & Co.}} {{Commons category|Houghton Mifflin Harcourt}} * {{official website|https://www.hmhco.com/}} * [https://findingaids.library.columbia.edu/ead/nnc-rb/ldpd_4078911 Finding aid to the Houghton Mifflin Company letters (1859–1860)] at Columbia University. Rare Book & Manuscript Library.

{{Houghton Mifflin Harcourt}} {{Blackstone Companies}} {{Authority control}}

Category:Houghton Mifflin Harcourt Houghton Mifflin books Category:1960s initial public offerings Category:2001 mergers and acquisitions Category:2013 initial public offerings Category:2022 mergers and acquisitions Category:American companies established in 1880 Category:Bain Capital companies Category:Blackstone Inc. companies Category:Book publishing companies based in Massachusetts Category:Companies based in Boston Category:Companies formerly listed on the Nasdaq Category:Companies formerly listed on the New York Stock Exchange Category:Companies that filed for Chapter 11 bankruptcy in 2012 Category:Education companies established in 1880 Category:Educational publishing companies Category:Educational publishing companies of the United States Category:Former Vivendi subsidiaries Category:Private equity portfolio companies Category:Privately held companies based in Massachusetts Category:Publishing companies established in 1880 Category:Publishing companies of the United States