New York-based John Wiley & Sons, Inc. rescued Hungry Minds Inc. Monday, just two days ahead of a creditors' deadline to sell the company, by acquiring the "For Dummies" book publisher in a deal valued at $182.5 million.
Gene Gartlan, of Whitestone Communications, expects Wiley to sell off many of the titles to recoup part of its investment. "The main reason [Wiley] acquired the whole of Hungry Minds was for the For Dummies franchise," Gartlan said.
He added that even though Hungry Minds was losing money, the For Dummies segment was most likely profitable on its own.
This is an excerpt from an article in The Daily Deal; August 14, 2001
