Scholastic Corporation

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Scholastic Corporation
Scholastic logo.svg
StatusPublic company
Traded asNASDAQSCHL
S&P 600 Component
FoundedOctober 22, 1920; 99 years ago (1920-10-22)
Wilkinsburg, Pennsylvania, US
FounderMaurice Robinson
Country of originUnited States
Headquarters locationNew York City, New York, US
Key peopleRichard Robinson, CEO, president & chairman; Kenneth Cleary, CFO
Publication typesBooks, Magazines, pre-K to grade 12 instructional programs, classroom magazines, films, television
Nonfiction topicsChildren's literacy and education
RevenueIncrease US$1.6 billion (2016)[1]
No. of employees8,900 (2019)[2]
Official websitewww.scholastic.com

Scholastic Corporation is an American multinational publishing, education and media company that publishes and distributes comics, books and educational materials for schools, parents and children. Products are distributed through retail and online sales and through schools via reading clubs and fairs.

History[edit]

Scholastic was founded in 1920, by Maurice R. Robinson near Pittsburgh, Pennsylvania to be a publisher of youth magazines, The first publication was The Western Pennsylvania Scholastic. It covered high school sports and social activities; it debuted on October 22, 1920.[3][non-primary source needed] In the 1940s, Scholastic entered the book club business. In the 1960s, international publishing locations were added in England (1964), New Zealand (1964) and Sydney (1968).[4] Also in the 1960s, Scholastic entered the book publishing business. In the 1980s, Scholastic entered the book fair business.

In February 2012, Scholastic bought Weekly Reader Publishing from Reader's Digest Association, and announced in July that year that it planned to discontinue separate issues of Weekly Reader magazines after more than a century of publication, and co-branded the magazines as "Scholastic News/Weekly Reader".[5]

Company structure[edit]

The business has three segments: Children Book Publishing & Distribution (Trade, Book Clubs and Book Fairs), Education, and International. Scholastic holds the perpetual US publishing rights to the Harry Potter and Hunger Games book series.[6][7] Scholastic is the world's largest publisher and distributor of children's books and print and digital educational materials for pre-K to grade 12.[8] In addition to Harry Potter and The Hunger Games, the company is known for its school book clubs and book fairs, classroom magazines such as Scholastic News and Science World, and popular book series: Clifford the Big Red Dog, Goosebumps, The Magic School Bus, Captain Underpants, Animorphs, and I Spy. Scholastic also publishes instructional reading and writing programs, and offers professional learning and consultancy services for school improvement. Clifford the Big Red Dog serves as the official mascot for Scholastic.

Marketing initiatives[edit]

The Scholastic Art & Writing Awards[edit]

Founded in 1920 by Maurice R. Robinson, The Scholastic Art & Writing Awards, administered by the Alliance for Young Artists & Writers, have recognized more than 9 million young artists and writers, and provided more than $25 million in awards and scholarships and are the nation's longest-running art and writing awards.[citation needed]

James Patterson Pledge[edit]

In March 2018, author James Patterson announced an increase in his annual donations for classroom libraries from $1.75 million to $2 million, in a program run in conjunction with the Scholastic Book Clubs. Patterson is also distributing 4,000 gifts of $500 each to teachers around the country.[9]

Imprints and corporate divisions[edit]

Trade Publishing Imprints include:

Corporate divisions[edit]

Children's Press (spelled until 1995 as Childrens Press). Founded in 1945[15] and originally based in Chicago, Illinois, this press published the Rookie Read-About series and also has a secondary imprint, Franklin Watts. In 1996, Children's Press became a division of Grolier, which became an imprint of Scholastic Corporation in 2000.

FASTT Math[edit]

In 2005, Scholastic developed FASTT Math with Tom Snyder to help students with their proficiency with math skills, specifically being Multiplication, Division, Addition, and Subtraction through a series of games and memorization quizzes gauging the student's progress.[16][dead link][citation needed]

Scholastic Media[edit]

Scholastic Media is a corporate division[17] led by Deborah Forte since 1995. It covers "all forms of media and consumer products, and is comprised of four main groups – Productions, Marketing & Consumer Products, Interactive, and Audio." Weston Woods is its production studio, acquired in 1996, as was Soup2Nuts from 2001–2015 before shutting down.[18] Scholastic has produced audiobooks such as the Caldecott/Newbery Collection;[19] TV serial adaptations such as Clifford the Big Red Dog, Animorphs, The Magic School Bus, Goosebumps and His Dark Materials; and feature films such as Tuck Everlasting, Clifford's Really Big Movie, Goosebumps, The Golden Compass, Captain Underpants: The First Epic Movie, Goosebumps 2: Haunted Halloween, Mortal Engines and The Bad Guys. It will produce the 39 Clues and as Scholastic Productions produced the series Voyagers!, My Secret Identity, and Charles in Charge.

Book clubs[edit]

Scholastic book clubs are offered at schools in many countries. Typically, teachers administer the program to the students in their own classes, but in some cases, the program is administered by a central contact for the entire school. Within Scholastic, Reading Clubs is a separate unit (compared to, e.g., Education). Reading clubs are arranged by age/grade.[citation needed]

Scholastic Parents Media[edit]

Scholastic Parents Media publishes the Scholastic Parent & Child magazine. The group also specializes in online advertising sales and custom programs designed for parents with children aged 0–6.[20]

Criticism[edit]

In July 2005, Scholastic determined that certain leases previously accounted for as operating leases should have been accounted for as capital leases. The cumulative effect, if recorded in the current year, would be material. As a result, it decided to restate its financial statements.[21] Scholastic has been criticized for inappropriately marketing to children. Also, Scholastic now requires parents to submit children's names with birth dates to place online orders,[22] creating controversy. A significant number of titles carried have strong media tie-ins and are considered relatively short in literary and artistic merit by some critics.[23] Consumer groups have also attacked Scholastic for selling too many toys and video games to children, rather than focusing on just books.[24]

See also[edit]

References[edit]

  1. ^ "Scholastic Form 10-K Annual Report". Scholastic Corporation. Retrieved 2017-04-17.
  2. ^ "Annual Report 2019" (PDF). Retrieved 2020-02-28.
  3. ^ "About Scholastic People And History". Scholastic.com. Retrieved 2014-03-12.
  4. ^ "United States Securities and Exchange Commission Form 10-K Annual Report pursuant to section 13 or 15(d) of the Securities exchange Act of 1934, For the fiscal year ended May 31, 2002, Commission File No. 0-19860: Scholastic Corporation". 2002. pp. 6, 7. Retrieved 12 September 2015.
  5. ^ "Scholastic to End Independent Publication of Weekly Reader – Bloomberg". bloomberg.com. 2012-07-23. Retrieved 16 November 2012.
  6. ^ "Scholastic profit rises on Hunger Games sales". Reuters. 2012-07-19. Retrieved 18 October 2012.
  7. ^ Reaney, Patricia (2012-07-31). "J.K. Rowling launches Harry Potter book club online". Reuters. Retrieved 18 October 2012.
  8. ^ "Global Publishing Leaders 2018: Scholastic". Publishers Weekly. Retrieved 2019-11-06.
  9. ^ "James Patterson donating $2 million to classroom libraries". Spokesman.com. Retrieved 2018-07-19.
  10. ^ "Welcome To Arthur A. Levine Books!". Arthur A. Levine Books!. Retrieved 2016-01-03.
  11. ^ "Potter Publisher Predicted Literary Magic". NPR.
  12. ^ "The Wizardly Editor Who Caught the Golden Snitch". The Washington Post.
  13. ^ Whyte, Alexandra (March 13, 2019). "Harry Potter publisher leaves Scholastic". Kidscreen. Retrieved 2019-07-20.
  14. ^ "Publishing Channel". www.scholastic.com.au. Scholastic Australia. Retrieved 12 September 2015.
  15. ^ "Children's Press".
  16. ^ "Access Denied". www.hinds.k12.ms.us. Retrieved Jun 24, 2020.
  17. ^ "Welcome". Scholastic Corporation: About Scholastic. Retrieved 2012-04-20.
  18. ^ "Media & The Mission". Scholastic Corporation: About Scholastic. Retrieved 2012-04-20.
  19. ^ "Weston Woods Caldecott/Newbery Collection." Archived 2012-04-23 at the Wayback Machine English language teaching: listening practice. Scholastic Corporation. Retrieved 2012-04-20.
  20. ^ "Parent & Child Magazine". Scholastic.com. Retrieved 2014-03-12.
  21. ^ Taub, Stephen (Mar 3, 2006). "Restatements Surged in 2005, Says Study". Retrieved Jun 24, 2020.
  22. ^ "Scholastic Privacy Policy | Your Privacy Rights". www.scholastic.com. Retrieved Jun 24, 2020.
  23. ^ Meltz, Barbara F. (2006-11-20). "Taking consumerism out of school book fairs". The Boston Globe. Archived from the original on 2009-09-24. Retrieved 2014-03-12.
  24. ^ "Scholastic chided for selling toys in book clubs". msnbc.com. Feb 10, 2009. Retrieved Jun 24, 2020.

External links[edit]