Starting a New Chapter

Macmillan agrees to pay $15 million in stock for Scribner

As large book companies have snapped up smaller ones in recent years, the once sedate world of publishing has been changing as fast as the plot of a Dickens novel. Last week two of the oldest and most prestigious publishers added a new chapter to the merger story. Macmillan (founded 1869) said it will pay about $15 million in stock for Scribner Book Companies, a closely held firm whose imprints include Charles Scribner's Sons (1846) and Atheneum( 1959).

The purchase, to take effect in June, is part of a recent merger mania by...

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