Chinese publisher acquires US children’s book business

Phoenix Media, China is set to acquire $80 million worth children’s book business of US publisher Publications International, LTD (PIL). Phoenix Media is a wholly owned subsidiary of Jiangsu Phoenix Publishing Co., based in Nanjing, capital of east China’s Jiangsu Province. The acquisition covers all the children’s book business assets owned by the Illinois-based PIL, including its overseas subsidiaries in Germany, France and Mexico.