Scholastic Corporation
Scholastic logo.svg
StatusPublic company
Traded asNASDAQ: SCHL
S&P 600 Component
FoundedOctober 22, 1920; 98 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 employees9,700 (2014)[2]
Official websitewww.scholastic.com

Scholastic Corporation is an American multinational publishing, education and media company known for publishing, selling, and distributing books and educational materials for schools, teachers, parents, and children. Products are distributed to schools and districts, to consumers through the schools via reading clubs and fairs, and through retail stores and online sales. 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.[3][4] 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.

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 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 mascot for Scholastic.

History

In 1920, Maurice R. "Robbie" Robinson founded the business he named Scholastic Publishing Company in his hometown of Wilkinsburg, right outside Pittsburgh, Pennsylvania. As a publisher of youth magazines, the first publication was The Western Pennsylvania Scholastic. It covered high school sports and social activities and debuted on October 22, 1920.[5]

In the 1960s, international publishing locations were added in England (1964), New Zealand (1964) and Sydney (1968).[6]

In February 2012, it 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".[7]

Marketing initiatives

The Scholastic Art & Writing Awards

Founded in 1923 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]

Recipients of The Scholastic Art and Writing Awards include Richard Anuszkiewicz, Richard Avedon, Harry Bertoia, Mel Bochner, Truman Capote, Paul Davis, Frances Farmer, Red Grooms, Robert Indiana, Bernard Malamud, Joyce Maynard, Joyce Carol Oates, Philip Pearlstein, Peter S. Beagle, Sylvia Plath, Robert Redford, Jean Stafford, Mozelle Thompson, Ned Vizzini, Kay WalkingStick, Andy Warhol, and Charles White, all of whom won when they were in high school.[citation needed]

James Patterson Pledge

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.[8]

Imprints and corporate divisions

Trade Publishing Imprints include:

  • Arthur A. Levine Books, which specializes in fiction and non-fiction books for young readers. The imprint was founded at Scholastic in 1996 by Arthur Levine in New York City. The first book published by Arthur A. Levine Books was When She Was Good by Norma Fox Mazer in autumn of 1997. The imprint is most notable as the publisher for the American editions of the Harry Potter series by J. K. Rowling.[9][10][11] In March 2019, Levine left Scholastic to form his own new publisher. Scholastic will retain Levine's back catalogue.[12]
  • The Chicken House
  • Four Winds Press (defunct)
  • Klutz Press
  • Orchard Books
  • Scholastic Australia made up of Koala Books, Margaret Hamilton Books, Omnibus Books, and Scholastic Press.[13][non-primary source needed]

Corporate divisions

Children's Press (spelled until 1995 as Childrens Press). Founded in 1945[14] 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.

Scholastic Media

Scholastic Media is a corporate division[15] 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.[16]

Scholastic has produced audiobooks such as the Caldecott/Newbery Collection;[17] TV serial adaptations such as Clifford the Big Red Dog, Animorphs, The Magic School Bus, and Goosebumps; and feature films such as the Harry Potter series, Tuck Everlasting, Clifford's Really Big Movie, Goosebumps, The Golden Compass, Captain Underpants: The First Epic Movie and Goosebumps 2: Haunted Halloween. It will produce the 39 Clues and as Scholastic Productions produced the series Voyagers!, My Secret Identity, and Charles in Charge.

In April 2019, Scholastic signed a distribution deal with 9 Story Media Group, including 230 hours of TV series.[18]

Book clubs

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

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.[19]

Criticism

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, creating controversy.[citation needed] A significant number of titles carried have strong media tie-ins and are considered relatively short in literary and artistic merit by some critics.[20] Consumer groups have also attacked Scholastic for selling too many toys and video games to children, rather than focusing on just books.[citation needed]

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.[citation needed]

See also

References

  1. ^ "Scholastic Form 10-K Annual Report". Scholastic Corporation. Retrieved 2017-04-17.
  2. ^ "Annual Report 2014" (PDF). Retrieved 2014-07-29.
  3. ^ "Scholastic profit rises on Hunger Games sales | Reuters". reuters.com. 2012-07-19. Retrieved 18 October 2012.
  4. ^ Reaney, Patricia (2012-07-31). "J.K. Rowling launches Harry Potter book club online | Reuters". reuters.com. Retrieved 18 October 2012.
  5. ^ "About Scholastic People And History". Scholastic.com. Retrieved 2014-03-12.
  6. ^ "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.
  7. ^ "Scholastic to End Independent Publication of Weekly Reader – Bloomberg". bloomberg.com. 2012-07-23. Retrieved 16 November 2012.
  8. ^ "James Patterson donating $2 million to classroom libraries". Spokesman.com. Retrieved 2018-07-19.
  9. ^ "Welcome To Arthur A. Levine Books!". Arthur A. Levine Books!. Retrieved 2016-01-03.
  10. ^ "Potter Publisher Predicted Literary Magic". NPR.
  11. ^ "The Wizardly Editor Who Caught the Golden Snitch". The Washington Post.
  12. ^ http://kidscreen.com/2019/03/13/harry-potter-publisher-leaves-scholastic
  13. ^ "Publishing Channel". www.scholastic.com.au. Scholastic Australia. Retrieved 12 September 2015.
  14. ^ "Children's Press".
  15. ^ "Welcome". Scholastic Corporation: About Scholastic. Retrieved 2012-04-20.
  16. ^ "Media & The Mission". Scholastic Corporation: About Scholastic. Retrieved 2012-04-20.
  17. ^ "Weston Woods Caldecott/Newbery Collection." Archived 2012-04-23 at the Wayback Machine English language teaching: listening practice. Scholastic Corporation. Retrieved 2012-04-20.
  18. ^ http://kidscreen.com/2019/04/01/9-story-to-distribute-230-hours-of-scholastic-content
  19. ^ "Parent & Child Magazine". Scholastic.com. Retrieved 2014-03-12.
  20. ^ Meltz, Barbara F. (2006-11-20). "''Boston Globe''". Boston.com. Retrieved 2014-03-12.

External links