Cengage Learning

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Cengage Learning
CengageLearningLogo2008.jpg
Parent companyApax Partners
OMERS
Founded2007
Country of originUnited States
Headquarters locationStamford, Connecticut
Key people

Michael Hansen — Chief Executive Officer[1]

Dean D. Durbin — Chief Financial Officer[2][3]
Publication typesbooks, databases
RevenueIncrease US$2.017 billion (2010)[4]
Number of employees5,800 (2008)
Official websitewww.cengage.com, www.cengageptr.com
 
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Cengage Learning
CengageLearningLogo2008.jpg
Parent companyApax Partners
OMERS
Founded2007
Country of originUnited States
Headquarters locationStamford, Connecticut
Key people

Michael Hansen — Chief Executive Officer[1]

Dean D. Durbin — Chief Financial Officer[2][3]
Publication typesbooks, databases
RevenueIncrease US$2.017 billion (2010)[4]
Number of employees5,800 (2008)
Official websitewww.cengage.com, www.cengageptr.com
2008 conference booth

Cengage Learning is a publisher of print and digital information services for the academic, professional and library markets, and sells textbooks, educational software, and training programs. It was created in 2007 from Thomson Learning after Thomson Corporation sold that division to a private equity consortium. Cengage Learning filed for Chapter 11 bankruptcy protection on July 2, 2013.[5]

Company information[edit]

The company is headquartered in Stamford, Connecticut, and has approximately 5,800 employees worldwide across 35 countries.

The company is composed of three units:[citation needed]

In the academic marketplace, Cengage Learning serves secondary, higher education, and graduate-level students, teachers, libraries, government agencies, and corporations in both traditional and distance learning environments.

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 more than 600 databases that are published online, in print, as eBooks and in microform. In addition to serving the school and library communities, Gale also licenses its proprietary content for integration within Web-based information services. Nearly 100 organizations — including Looksmart, Borders and Dow Jones — are engaged in business distribution partnerships with Gale.[6]

As part of its international division, Cengage Learning provides materials for English language teaching and learning throughout the world via Heinle.[7]

Cengage Learning has partnered with five other higher-education publishers to create CourseSmart, a company developed to sell college textbooks in eTextbook format on a common platform.[8]

Services[edit]

Cengage Learning offers textbooks, instructor supplements, digital content, online reference databases, distance learning courses,[9] test preparation materials, corporate training courses, career assessment tools, materials for specific academic disciplines, and custom solutions.

History[edit]

Thomson Learning was created out of a restructuring of International Thomson Publishing. Cengage Learning filed for bankruptcy under Chapter 11 on July 2, 2013. The company had acquired a large amount of debt through the course of its initial buyout and subsequent acquisitions.[10]

Chapter 11 Bankruptcy and Restructuring[edit]

Cengage Learning, Inc. and certain of its domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on July 2, 2013. On October 3, 2013, Cengage Learning filed an amended Plan of Reorganization and Disclosure Statement with the Bankruptcy Court. We will now focus on obtaining approval by the Court of the Disclosure Statement so that it can be mailed to our creditors for solicitation of their approval of the Plan. We will emerge from Chapter 11 after the Plan receives the requisite creditor approvals and is confirmed by the Court.[11]

Sale to private equity[edit]

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. 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.[12]

Acquisitions[edit]

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

Date of acquisition announcedAsset acquiredIndustry
16 May 2008PAL Publications[13]Professional reference series
2 June 2008Houghton Mifflin College Division[14]Publishing for 2- and 4-year colleges
17 July 2008Gatlin Education Services[15]Web-based training for education providers
16 December 2008HighBeam Research[16]Paid search engine of newspapers and magazines

Brands/imprints[edit]

The company's product lines include: 4LTR Press, Aplia, Atomic Dog Publishing, Charles River Media, Chilton, Chilton DIY[17], Education To Go, Milady, MindTap,[18] NetLearning, and Primary Source Media.

Cengage Learning's imprints:

Rankings[edit]

Based on its 2009 revenues, Publishers Weekly ranked it at number eleven out of fifty publishers worldwide, with a revenue of 1.958 billion dollars for that year.[4]

Notes[edit]

  1. ^ Cengage Learning announces appointment of new CEO cengage.com. Retrieved 2013-01-21.
  2. ^ "Cengage Learning Names Dean Durbin as Chief Financial Officer". Cengage Learning – Press Release. June 30, 2009. Retrieved January 8, 2010. 
  3. ^ Cengage Executive Leadership cengage.com. Retrieved 2011-05-19.
  4. ^ a b "Pearson Leads the Pack" publishersweekly.com. Jun 21, 2010. Retrieved 2011-05-19.
  5. ^ http://dealbook.nytimes.com/2013/07/02/cengage-learning-files-for-bankruptcy/
  6. ^ "Gale – About Us". Farmington Hills, Michigan: Gale. Retrieved 2010-01-08. 
  7. ^ "Cengage Learning – Press Release – Heinle Milestones Program Adopted by California State Board of Education". Cengage Learning. December 2, 2008. Retrieved 2010-01-08. 
  8. ^ "New Agreement Makes eTextbooks Available to Students". CourseSmart. 
  9. ^ "Opencolleges ex-Cengage Education Australia". opencolleges.edu.au. Retrieved 2010-01-08. 
  10. ^ Church, Stephen; Jinks, Beth (July 2, 2013). "Cengage Learning Files for Chapter 11 Bankruptcy". Bloomberg. Retrieved July 3, 2013. 
  11. ^ "Cengage Learning - Restructuring". Cengage Learning. July 2, 2013. Retrieved 2013-11-04. 
  12. ^ "Cengage Learning – Press Releases – Thomson Learning Announces New Name – CENGAGE Learning". Cengage Learning. July 24, 2007. Retrieved 2010-01-08. 
  13. ^ "Cengage Learning Acquires PAL Publications Cengage Learning to be the exclusive publisher of the DEWALT Trade Reference Series" (Press release). Cengage Learning. May 16, 2008. Retrieved December 13, 2012. 
  14. ^ "Cengage Learning – Press Releases – Cengage Learning Completes Acquisition of Houghton Mifflin College Division Assets". Cengage Learning. June 2, 2008. Retrieved December 13, 2012. 
  15. ^ "Cengage Learning – Press Releases – Cengage Learning Acquires Gatlin Education Services". Cengage Learning. 17 July 2008. Retrieved December 13, 2012. 
  16. ^ Gwen (December 16, 2008). "Gale Acquires HighBeam Research, Inc., Gale press release". Websearchguide.ca. Retrieved December 13, 2012. 
  17. ^ Chilton DIY Retrieved 2012-04-27
  18. ^ http://www.cengage.com/mindtap/
  19. ^ Delmar Cengage Retrieved 2012-04-27
  20. ^ Thomson to buy U.S. textbook publisher
  21. ^ Purchase okayed

References[edit]

External links[edit]