In a bid to further diversify its publishing program, IDG Books has signed an agreement to acquire Cliffs Notes for $14.2 million in cash.
Based in Lincoln, Neb., Cliffs Notes is best known for its literary study guides; the company has a backlist of about 300 titles that also includes test preparation and advanced placement guides. Steven Berkowitz, president of IDG Books, said Cliffs Notes fits perfectly into IDG's long-range plans. "Our strategy in building the company is to build brands, and Cliffs Notes is well-known among its core audience of students 12 to 20 [years old]. We intend to invest heavily in the brand and feel we can extend the Cliffs Notes name beyond its current audience."
Robert Covolik, president of Cliffs Notes, will serve as general manager of the company and help IDG with the transition. Berkowitz said it has not yet been decided whether Cliffs Notes, which has 55 employees, will remain in Lincoln, where it has a small editorial staff and a larger distribution and marketing operation. Berkowitz said IDG Books, which is currently distributed by PRI, is studying its entire distribution program and will evaluate how Cliffs Notes' system best fits in with its operation. "They give us better entry into the educational marketplace as well as to stores through rack jobbers," Berkowitz noted.
Cliffs Notes has also recently established a Web site (www.cliffs.com) that allows students to order all the company's titles as well as to download its core literary Notes line.
