Soon-to-be defunct publisher CDG Books Canada has sold its last remaining book list to major shareholder John Wiley & Sons Canada Ltd.
"The Macmillan Canada list of titles will accelerate the growth of our Canadian professional/trade publishing operation and allow us to attract and develop a broader range of Canadian authors," Diane Wood, Wiley Canada's president, said in a statement Wednesday. "I am pleased that many of the authors expressed their support for us during the sale process."
While he would not disclose details of the sale, CDG president Tom Best said the company received a fair price for Macmillan Canada. The sale was managed by KPGM Corporate Finance Inc.
"It was a very fair and equitable bidding process," Mr. Best told globeandmail.com. "We were pleasantly surprised by how much interest there was."
The sale proceeds will be used to pay CDG creditors including authors and printers.
John Wiley and Gage Learning Corp. announced the closure of CDG in March and operations are expected to wind down completely over the coming weeks.
Nearly half the staff of CDG was laid off, while the remaining 17 former employees were offered positions at John Wiley, Mr. Best said.
CDG was created in 1998 when Macmillan Canada, a division of Gage, and Hungry Minds Inc. joined forces. John Wiley acquired a 49 per cent stake in CDG when its U.S. parent acquired Hungry Minds Inc. through a U.S. merger in September 2001.