(NEWS)

This article originally appeared on PublishersWeekly.com. IBPA welcomes your feedback in the comments section of this post.

by Jim Milliot

“Having failed in its bid to buy the Perseus Book Group in 2014, Hachette Book Group announced Tuesday afternoon that it has entered into a binding agreement to acquire the company’s publishing division. Perseus announced last September that it was looking for potential buyers, and discussions are ongoing about the sale of its distribution business.

Both parties hope to close the deal by the end of March, following regulatory approval.

When the deal is done, HBG will make the Perseus publishing group a new division under Susan Weinberg, a long-time Perseus executive who has served most recently as senior v-p and group publisher. Weinberg will join HBG’s executive management board as senior v-p and publisher of Perseus Books, reporting directly to HBG CEO Michael Pietsch…”

Read more at PublishersWeekly.com.