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SCHOLASTIC CORP. /New York, New York With "Harry' In Lineup, Publisher Presses Ahead.(A)
By Amy Reeves
Investor's Business Daily
The year 2000 was a good one for Scholastic Corp., publisher of children's books, magazines and other materials.
There were several reasons for that, but the most obvious can be summed up in two words: Harry Potter.
Scholastic owns the exclusive American rights to J.K. Rowling's blockbuster series, whose fourth installment, "Harry Potter and the Goblet of Fire," was released in July. Overall sales increased 99% that quarter from a year earlier.The books account for 10% of Scholastic's sales.
An equally important event was last summer's closing of a $400 million deal to buy Grolier, maker of the well-known encyclopedias for small children.
"We're basically not a company that makes a lot of acquisitions," said ChiefExecutive Richard Robinson. "That was a real big thing for us."
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