Industry News
Cengage and McGraw-Hill Announce Merger
Learning content companies Cengage and McGraw-Hill are joining forces in a merger focused on providing more access to high-quality, affordable course materials and platforms. The combined company, which is anticipated to take the McGraw-Hill name, will be headed by Michael E. Hansen, currently CEO of Cengage.
"The new company will offer a broad range of best-in-class content — delivered through digital platforms at an affordable price," said Hansen, in a statement. "Together, we will usher in an era in which all students can afford the quality learning materials needed to succeed — regardless of their socioeconomic status or the institution they attend. Additionally, the combined company will have robust financial strength to invest in next-generation products, technology and services that create superior experiences and value for millions of students."
"For more than a century, our goal has been to unlock the potential of each learner and improve lives through education," said Nana Banerjee, president and CEO of McGraw-Hill. "Combining our two companies and our complementary offerings will enable us to continue innovating. In this way we can continue to empower students and educators around the world with a wide choice of affordable, engaging course materials and advanced digital platforms to help them succeed throughout a lifetime of learning."
In a news announcement, the companies expressed their commitment to continuing McGraw-Hill's Inclusive Access program and the Cengage Unlimited subscription service, noting that there would be an "opportunity to combine content and broaden the program offerings upon approval of the merger." In addition, the merger will create a combined portfolio of more than 44,000 titles as well as digital platforms, adaptive technologies and advanced analytics.
Cost efficiencies from the combined company will allow it to invest further in areas such as adaptive learning, artificial intelligence, gamification and model-based testing tools, the announcement said.
The merger is expected to close by early 2020. Additional information is available at betterlearningtogether.com.
About the Author
About the author: Rhea Kelly is executive editor for Campus Technology. She can be reached at [email protected].
