Scholastic to Buy Kids’ Content Studio 9 Story for $185 Million

Scholastic Corp., the biggest publisher and distributor of children’s books, has agreed to acquire 9 Story Media Group, as it looks for ways to broaden the audience for its library of children’s stories.

Scholastic will pay C$250 million ($185 million) for 9 Story Media Group, which creates, produces and distributes television content for kids through an animation studio and a consumer products division. Scholastic said the deal will give it all of the economic interest and a minority of voting control rights in the content company.

The goal is to turn more of Scholastic’s books into television content and ...