Phoenix Publishing Media takes over children’s sector of Publication International Limited Company.docVIP

Phoenix Publishing Media takes over children’s sector of Publication International Limited Company 　　It is reported that the Phoenix Publishing Media， Inc has taken over the children’s book business of the Publication International Limited Company （PIL） of America. On May 12， the Jiangsu Phoenix Education Press Limited Company， a wholly-owned subsidiary of Phoenix Media， signed the Asset Purchase Agreement in the headquarter of PIL with Mr. Webber， the actual controller of PIL. The total price of this transaction was USD 85 million， wherein， 80 million was used for the acquisition of the whole children’s book business asset and the 100% stock rights of its overseas subsidiary， 2 million was for the authorization transfer fee； and 3 million was for the agency fee. Sun Zhenfu， the director and vice-manager of Phoenix Media， Xu Yunxiang， the secretary of the board of Phoenix Media and the director of development department， Qian Liang， the director of teaching material department， Gu Huaming， the proprieter of Jiangsu Education Publishing House， and Wang Ruishu， the editor in chief of Jiangsu Education Publishing House， Lin Haitao， the deputy director of the Investment Department， Mr. Webber， the actual director and CEO， Mr. Jeff， the CFO and COO of PIL； as well as the lawyers of each company and other agencies all attended the signing ceremony. Gu Huaming and Mr. Webber signed the Asset Purchase Agreement on behalf of both parties. 　　PIL is a private-owned publishing company in America. It was established in 1967， with its headquarter in Chicago. This company operates sales subsidiaries in Britain， France， German， Australia and Mexico. It owns one office which manages and organizes production and the research and development of new products in Shenzhen， China. 　　The core business of PIL is children’s electronic/audio books which is the biggest product category， making the company one of the biggest children’s book publishing company in the world. PIL owns all