News Corp. is acquiring Harlequin Enterprises for C$455 million ($415 million) in cash. Harlequin is known for publishing novels like ?Destiny?s Last Bachelor?? and ?The Heartbreaker Prince.? News Corp. is acquiring Harlequin from Canada?s Torstar Corp. It will be folded into News Corp.’s HarperCollins books unit. HarperCollins already has a romance division called Avon Romance.
Harlequin launched 65 years ago and became one of the world’s largest publishers of romance novels. This acquisition gives HarperCollins a foothold in 11 countries and expertise in translations. Harlequin publishes over 1,300 authors and releases over 110 titles per month in 34 languages.
HarperCollins publishes books in English only. Harlequin hit C$398 million in revenue last year, which is around 29% of Torstar’s sales and 32% of its earnings before interest, taxes, depreciation and amortization. Harlequin has over 1,000 employees worldwide, including more than 350 in Canada.