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==History==
==History==
Cengage Learning, formerly [[Thomson Corporation|Thomson Learning]], which owned the Wadsworth Publishing imprint, was created out of a restructuring of International Thomson Publishing. It was announced on October 25, 2006, that Thomson Learning would be offered for sale by the [[Thomson Corporation]], with an estimated value of up to US$5 billion.<ref>Thomas, Helen (25 October, 2006) [http://ftalphaville.ft.com/2006/10/25/417/wsj-reports-thomson-may-put-learning-unit-on-the-block Thomson to put learning unit on the block.] FT Alphaville. Financial Times.</ref><ref>(October 25, 2006) [http://www.boston.com/news/education/higher/articles/2006/10/25/thomson_to_sell_education_units Thomson to sell education units] Boston.com</ref> The company was bought by a private equity consortium consisting of [[Apax Partners]] and [[OMERS Capital Partners]] for US$7.75 billion, and the name was changed to Cengage Learning on 24 July 2007.<ref name="NYT Dealb%k - Cengage bankruptcy">{{cite web|url=http://dealbook.nytimes.com/2013/07/02/cengage-learning-files-for-bankruptcy/ |title=Cengage Learning Files for Bankruptcy |publisher=New York Times |date=July 2, 2013 |accessdate=2014-11-07}}</ref> In 2011, Cengage Learning acquired the National Geographic Society's school publishing unit to launch the National Geographic Learning brand. The global brand combined the former Cengage Learning ELT and National Geographic School Publishing imprints and sub-brands, under one unified identity.<ref>Jinks, Beth (June 24, 2011) [http://www.bloomberg.com/news/articles/2011-06-24/apax-s-cengage-buying-national-geographic-s-school-publishing-unit Apax’s Cengage Buying National Geographic’s School Publisher] Bloomberg.com</ref>
Cengage Learning, formerly [[Thomson Corporation|Thomson Learning]], which owned the Wadsworth Publishing imprint, was created out of a restructuring of International Thomson Publishing. It was announced on October 25, 2006, that Thomson Learning would be offered for sale by the [[Thomson Corporation]], with an estimated value of up to US$5 billion.<ref>Thomas, Helen (25 October, 2006) [http://ftalphaville.ft.com/2006/10/25/417/wsj-reports-thomson-may-put-learning-unit-on-the-block Thomson to put learning unit on the block.] FT Alphaville. Financial Times.</ref><ref>(October 25, 2006) [http://www.boston.com/news/education/higher/articles/2006/10/25/thomson_to_sell_education_units Thomson to sell education units] Boston.com</ref> The company was bought by a private equity consortium consisting of [[Apax Partners]] and [[OMERS Capital Partners]] for US$7.75 billion, and the name was changed to Cengage Learning on 24 July 2007.<ref name="NYT Dealb%k - Cengage bankruptcy">{{cite web|url=http://dealbook.nytimes.com/2013/07/02/cengage-learning-files-for-bankruptcy/ |title=Cengage Learning Files for Bankruptcy |publisher=New York Times |date=July 2, 2013 |accessdate=2014-11-07}}</ref> In 2011, Cengage Learning acquired the National Geographic Society's school publishing unit to launch the National Geographic Learning brand. The global brand combined the former Cengage Learning ELT and National Geographic School Publishing imprints and sub-brands, under one unified identity.<ref name="Bloomberg - Cengage buys Nat Geo Schools Pub">Jinks, Beth (June 24, 2011) [http://www.bloomberg.com/news/articles/2011-06-24/apax-s-cengage-buying-national-geographic-s-school-publishing-unit Apax’s Cengage Buying National Geographic’s School Publisher] Bloomberg.com</ref>


In September 2013 David Shaffer retired from his role of chairman of the company<ref>Edgecliffe-Johnson, Andrew (July 6, 2013) [http://www.ft.com/cms/s/0/957d4318-c6f1-11e1-95ea-00144feabdc0.html#axzz3bqc1aZ33 Debt-laden Cengage in hunt for new chief] [[The Financial Times]]</ref>, Shaffer had previously been executive vice president of The Thomson Corporation from 2005 to 2006, and then President and CEO of both Thomson Publishing International and Thomson Learning.<ref>[http://www.bloomberg.com/research/stocks/private/person.asp?personId=1134132&privcapId=515275 Executive Profile - David H. Shaffer] bloomberg.com</ref>The company had acquired a large amount of debt through the course of its initial buyout and subsequent acquisitions, and seen declining revenue through a shrinking market for paper text books. Cengage Learning filed for bankruptcy under Chapter 11 on July 2, 2013.<ref name="NYT Dealb%k - Cengage bankruptcy" /><ref name="Chronicle of HE - Cengage bankruptcy">Howard, Jennifer (July 3, 2013) [http://chronicle.com/article/Publishers-Bankruptcy-Filing/140103/ Publisher's Bankruptcy Filing Comes as Market for Print Textbooks Shrinks] The Chronicle of Higher Education</ref> Cengage Learning emerged from bankruptcy on April 1, 2014, eliminating approximately $4 billion of its funded debt and securing $1.75 billion in exit financing. Post bankruptcy, the company decided to focus on developing digital study guides and other educational supplements, as well as hard-copy text books. In January 2015 they announced expansion of their LearnLaunch Accelerator program, which provides seed funding and intensive coaching to promising startups, to the [[University of Chihuahua]] in Mexico.<ref>Borchers, Callum (April 01, 2014) [http://www.bostonglobe.com/business/2014/04/01/cengage-emerges-from-bankruptcy-with-boston-its-electronic-publishing-base/unXD00onI6Bxagr5sx9yOJ/story.html Cengage exits bankruptcy, focuses on e-books in Boston] bostonglobe.com</ref><ref>Shulman, Eden (12 Feb, 2015) [http://www.betaboston.com/news/2015/02/12/boston-ed-tech-firm-cengage-learning-announces-the-expansion-of-learnlaunch-to-latin-america/] BetaBoston - [[Boston Globe]]</ref>
In September 2013 David Shaffer retired from his role of chairman of the company<ref>Edgecliffe-Johnson, Andrew (July 6, 2013) [http://www.ft.com/cms/s/0/957d4318-c6f1-11e1-95ea-00144feabdc0.html#axzz3bqc1aZ33 Debt-laden Cengage in hunt for new chief] [[The Financial Times]]</ref>, Shaffer had previously been executive vice president of The Thomson Corporation from 2005 to 2006, and then President and CEO of both Thomson Publishing International and Thomson Learning.<ref>[http://www.bloomberg.com/research/stocks/private/person.asp?personId=1134132&privcapId=515275 Executive Profile - David H. Shaffer] bloomberg.com</ref>The company had acquired a large amount of debt through the course of its initial buyout and subsequent acquisitions, and seen declining revenue through a shrinking market for paper text books. Cengage Learning filed for bankruptcy under Chapter 11 on July 2, 2013.<ref name="NYT Dealb%k - Cengage bankruptcy" /><ref name="Chronicle of HE - Cengage bankruptcy">Howard, Jennifer (July 3, 2013) [http://chronicle.com/article/Publishers-Bankruptcy-Filing/140103/ Publisher's Bankruptcy Filing Comes as Market for Print Textbooks Shrinks] The Chronicle of Higher Education</ref> Cengage Learning emerged from bankruptcy on April 1, 2014, eliminating approximately $4 billion of its funded debt and securing $1.75 billion in exit financing. Post bankruptcy, the company decided to focus on developing digital study guides and other educational supplements, as well as hard-copy text books. In January 2015 they announced expansion of their LearnLaunch Accelerator program, which provides seed funding and intensive coaching to promising startups, to the [[University of Chihuahua]] in Mexico.<ref>Borchers, Callum (April 01, 2014) [http://www.bostonglobe.com/business/2014/04/01/cengage-emerges-from-bankruptcy-with-boston-its-electronic-publishing-base/unXD00onI6Bxagr5sx9yOJ/story.html Cengage exits bankruptcy, focuses on e-books in Boston] bostonglobe.com</ref><ref>Shulman, Eden (12 Feb, 2015) [http://www.betaboston.com/news/2015/02/12/boston-ed-tech-firm-cengage-learning-announces-the-expansion-of-learnlaunch-to-latin-america/] BetaBoston - [[Boston Globe]]</ref>
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|-
|-
| 16 May 2008
| 16 May 2008
| PAL Publications<ref name="Middle Market - Cengage Houghton Mifflin purchase">MacFadyen, Ken (June 9, 2008) [http://www.themiddlemarket.com/mar/2008_23/182761-1.html Cengage Buys Houghton Mifflin's College Unit] themiddlemarket.com</ref>
| PAL Publications<ref>{{cite press_release | url=http://www.cengage.com/press/release/20080516.html | title=Cengage Learning Acquires PAL Publications Cengage Learning to be the exclusive publisher of the DEWALT Trade Reference Series | publisher=Cengage Learning | date=May 16, 2008 | accessdate=December 13, 2012}}</ref>
| Professional reference series
| Professional reference series
|-
|-
| 2 June 2008
| 2 June 2008
| [[EMPG#The merger with Harcourt|Houghton Mifflin College Division]]<ref>{{cite web|url=http://www.cengage.com/press/release/20080602.html |title=Cengage Learning – Press Releases – Cengage Learning Completes Acquisition of Houghton Mifflin College Division Assets |publisher=Cengage Learning |date= June 2, 2008|accessdate=December 13, 2012}}</ref>
| [[EMPG#The merger with Harcourt|Houghton Mifflin College Division]]<ref name="Middle Market - Cengage Houghton Mifflin purchase" />
| Publishing for [[Junior college|2-]] and [[4-year]] colleges
| Publishing for [[Junior college|2-]] and [[4-year]] colleges
|-
|-
| 17 July 2008
| 17 July 2008
| [[Gatlin Education Services]]<ref>{{cite web|url=http://www.cengage.com/press/release/20080717.html |title=Cengage Learning – Press Releases – Cengage Learning Acquires Gatlin Education Services |publisher=Cengage Learning |date=17 July 2008 |accessdate=December 13, 2012}}</ref>
| [[Gatlin Education Services]]<ref>[https://www.owler.com/iaApp/poll/52987836e4b0a36bb5790216/cengage-learning/good-or-bad-move-for-cengage-learning-.htm Cengage Learning Acquired Gatlin Education Services. Was this a good decision?] owler.com</ref>
| [[Web-based training]] for education providers
| [[Web-based training]] for education providers
|-
|-
| 16 December 2008
| 16 December 2008
| [[HighBeam Research]]<ref>Polanka, Sue (Dec 16, 2008) [http://www.libraries.wright.edu/noshelfrequired/2008/12/16/highbeam-research-now-part-of-galecengage/ http://www.libraries.wright.edu/noshelfrequired/2008/12/16/highbeam-research-now-part-of-galecengage/] No Shelf Required - Wright State University Libraries</ref>
| [[HighBeam Research]]<ref>{{cite web|author=Gwen|url=http://www.websearchguide.ca/netblog/archives/008099.html |title=Gale Acquires HighBeam Research, Inc., Gale press release |publisher=Websearchguide.ca |date=December 16, 2008 |accessdate=December 13, 2012}}</ref>
| Paid search engine of newspapers and magazines
| Paid search engine of newspapers and magazines
|-
|-
| 1 August 2011
| 1 August 2011
| [[National Geographic School Publishing]]<ref name="Bloomberg - Cengage buys Nat Geo Schools Pub" />
| [[National Geographic School Publishing]]<ref>{{cite web|url=http://news.cengage.com/corporate/cengage-learning-completes-acquisition-of-national-geographic-society%E2%80%99s-school-publishing-unit-and-unveils-national-geographic-learning-brand/ |title=Cengage Learning Completes Acquisition of National Geographic Society's School Publishing Unit and Unveils National Geographic Learning Brand |publisher=Websearchguide.ca |date=August 1, 2011 |accessdate=December 13, 2012}}</ref>
| Publishing for K-12 Schools
| Publishing for K-12 Schools
|}
|}

Revision as of 23:01, 4 June 2015

Cengage Group
File:CengageLearningLogo2008.jpg
Founded2007
Country of originUnited States
Headquarters locationBoston
Key people
  • Michael Hansen — Chief Executive Officer
  • Fernando Bleichmar – Chief Strategy Officer
  • Alexander Broich – President, International
  • Ken Carson – General Counsel
  • Jim Donohue – Chief Product Officer
  • Dean D. Durbin — Chief Financial Officer
  • Sandi Kirshner – Chief Marketing Officer
  • George Moore – Chief Technology Officer
  • Kevin Stone – Chief Sales and Marketing Officer
Publication typeseducational content, technology, and services
Imprints
  • 4LTR Press
  • Aplia
  • Cengage Learning PTR
  • Chilton
  • ed2go
  • Gale
  • Milady
  • MindTap
  • National Geographic Learning
RevenueUS$1.5 billion (2014)
Owner(s)Apax Partners, Searchlight Capital Partners, Kohlberg Kravis Roberts & Co., Oaktree Capital Management, Oak Hill Advisors, BlackRock Financial Management, Franklin Mutual Advisers, and others[1]
No. of employees5,500 (2014)
Official websitewww.cengage.com

Cengage Learning, Inc. is an educational content, technology, and services company for the higher education and K-12, professional and library markets worldwide. Cengage Learning has operations in more than 20 countries around the world.[2][3][4]

Company information

The company is headquartered in Boston, Massachusetts, and has approximately 5,500 employees worldwide across 20 countries. It was headquartered at its Stamford, Connecticut office until April 2014.

Cengage Learning serves secondary, higher education, and graduate-level students, teachers, libraries, government agencies, and corporations in both traditional and distance learning environments.[2][3][4]

Gale is Cengage Learning's library reference arm and specializes in e-research and educational publishing for libraries, schools and businesses. The company creates and maintains databases that are published online, in print, as eBooks and in microform.[5]

Services

Cengage Learning offers print and digital textbooks, instructor supplements, online reference databases, distance learning courses, test preparation materials, corporate training courses, career assessment tools, materials for specific academic disciplines, and custom solutions.

History

Cengage Learning, formerly Thomson Learning, which owned the Wadsworth Publishing imprint, was created out of a restructuring of International Thomson Publishing. It was announced on October 25, 2006, that Thomson Learning would be offered for sale by the Thomson Corporation, with an estimated value of up to US$5 billion.[6][7] The company was bought by a private equity consortium consisting of Apax Partners and OMERS Capital Partners for US$7.75 billion, and the name was changed to Cengage Learning on 24 July 2007.[8] In 2011, Cengage Learning acquired the National Geographic Society's school publishing unit to launch the National Geographic Learning brand. The global brand combined the former Cengage Learning ELT and National Geographic School Publishing imprints and sub-brands, under one unified identity.[9]

In September 2013 David Shaffer retired from his role of chairman of the company[10], Shaffer had previously been executive vice president of The Thomson Corporation from 2005 to 2006, and then President and CEO of both Thomson Publishing International and Thomson Learning.[11]The company had acquired a large amount of debt through the course of its initial buyout and subsequent acquisitions, and seen declining revenue through a shrinking market for paper text books. Cengage Learning filed for bankruptcy under Chapter 11 on July 2, 2013.[8][12] Cengage Learning emerged from bankruptcy on April 1, 2014, eliminating approximately $4 billion of its funded debt and securing $1.75 billion in exit financing. Post bankruptcy, the company decided to focus on developing digital study guides and other educational supplements, as well as hard-copy text books. In January 2015 they announced expansion of their LearnLaunch Accelerator program, which provides seed funding and intensive coaching to promising startups, to the University of Chihuahua in Mexico.[13][14]

Acquisitions

In addition to organic growth, Cengage Learning has expanded through acquisitions within the publishing industry. Notable acquisitions include:

Date of acquisition announced Asset acquired Industry
16 May 2008 PAL Publications[15] Professional reference series
2 June 2008 Houghton Mifflin College Division[15] Publishing for 2- and 4-year colleges
17 July 2008 Gatlin Education Services[16] Web-based training for education providers
16 December 2008 HighBeam Research[17] Paid search engine of newspapers and magazines
1 August 2011 National Geographic School Publishing[9] Publishing for K-12 Schools

Brands/imprints

The company's product lines include: 4LTR Press, Aplia, Cengage Learning PTR, Chilton, Education To Go, Gale, Milady, MindTap, and National Geographic Learning.

Rankings

In 2014, based on its 2013 revenues, Publishers Weekly ranked the company at number nine out of 56 publishers worldwide. The list includes both trade and educational publishers.[18]

Notes

  1. ^ Callum Borchers (1 April 2014). "Cengage emerges from bankruptcy with Boston as its electronic publishing base". BostonGlobe.com. Retrieved 2014-09-15.
  2. ^ a b (Jun 27, 2014) Global Publishing Leaders 2014: Cengage publishersweekly.com
  3. ^ a b Company Info - Wall Street Journal. Cengage Learning
  4. ^ a b Company Overview of Cengage Learning, Inc. BloombergBusiness
  5. ^ Gale : A Cengage Learning Company CAUL (Council of Australian University Librarians
  6. ^ Thomas, Helen (25 October, 2006) Thomson to put learning unit on the block. FT Alphaville. Financial Times.
  7. ^ (October 25, 2006) Thomson to sell education units Boston.com
  8. ^ a b "Cengage Learning Files for Bankruptcy". New York Times. July 2, 2013. Retrieved 2014-11-07.
  9. ^ a b Jinks, Beth (June 24, 2011) Apax’s Cengage Buying National Geographic’s School Publisher Bloomberg.com
  10. ^ Edgecliffe-Johnson, Andrew (July 6, 2013) Debt-laden Cengage in hunt for new chief The Financial Times
  11. ^ Executive Profile - David H. Shaffer bloomberg.com
  12. ^ Howard, Jennifer (July 3, 2013) Publisher's Bankruptcy Filing Comes as Market for Print Textbooks Shrinks The Chronicle of Higher Education
  13. ^ Borchers, Callum (April 01, 2014) Cengage exits bankruptcy, focuses on e-books in Boston bostonglobe.com
  14. ^ Shulman, Eden (12 Feb, 2015) [1] BetaBoston - Boston Globe
  15. ^ a b MacFadyen, Ken (June 9, 2008) Cengage Buys Houghton Mifflin's College Unit themiddlemarket.com
  16. ^ Cengage Learning Acquired Gatlin Education Services. Was this a good decision? owler.com
  17. ^ Polanka, Sue (Dec 16, 2008) http://www.libraries.wright.edu/noshelfrequired/2008/12/16/highbeam-research-now-part-of-galecengage/ No Shelf Required - Wright State University Libraries
  18. ^ "The World's 56 Largest Book Publishers, 2014" publishersweekly.com. Jun 27, 2014. Retrieved 2014-11-05.

References

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