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|Traded as||NASDAQ: SCHL|
S&P 600 Component
|Founded||October 22, 1920|
Wilkinsburg, Pennsylvania, US
|Country of origin||United States|
|Headquarters location||New York City, New York, US|
|Key people||Richard Robinson, CEO, president & chairman; Kenneth Cleary, CFO|
|Publication types||Books, Magazines, pre-K to grade 12 instructional programs, classroom magazines, films, television|
|Nonfiction topics||Children's literacy and education|
|Revenue||US$1.6 billion (2016)|
|No. of employees||9,700 (2014)|
Scholastic Corporation is an American multinational publishing, education and media company known for publishing, selling, and distributing books and educational materials for schools, teachers, parents, and children. Products are distributed to schools and districts, to consumers through the schools via reading clubs and fairs, and through retail stores and online sales.
Scholastic is the world's largest publisher and distributor of children's books and print and digital educational materials for pre-K to grade 12.
Scholastic also publishes instructional reading and writing programs, and offers professional learning and consultancy services for school improvement. Clifford the Big Red Dog serves as the mascot for Scholastic.
In 1920, Maurice R. "Robbie" Robinson founded the business he named Scholastic Publishing Company in his hometown of Wilkinsburg, right outside Pittsburgh, Pennsylvania. As a publisher of youth magazines, the first publication was The Western Pennsylvania Scholastic. It covered high school sports and social activities and debuted on October 22, 1920.
In the 1960s, international publishing locations were added in England (1964), New Zealand (1964) and Sydney (1968).
In February 2012, it bought Weekly Reader Publishing from Reader's Digest Association, and announced in July that year that it planned to discontinue separate issues of Weekly Reader magazines after more than a century of publication, and co-branded the magazines as "Scholastic News/Weekly Reader".
Founded in 1923 by Maurice R. Robinson, The Scholastic Art & Writing Awards, administered by the Alliance for Young Artists & Writers, have recognized more than 9 million young artists and writers, and provided more than $25 million in awards and scholarships and are the nation's longest-running art and writing awards.
Recipients of The Scholastic Art and Writing Awards include:
all of whom won when they were in high school.
Trade Publishing Imprints include:
Children's Press (spelled until 1995 as Childrens Press). Founded in 1945 and originally based in Chicago, Illinois, this press published the Rookie Read-About series and also has a secondary imprint, Franklin Watts. In 1996, Children's Press became a division of Grolier, which became an imprint of Scholastic Corporation in 2000.
Scholastic Media is a corporate division led by Deborah Forte since 1995. It covers "all forms of media and consumer products, and is comprised of four main groups – Productions, Marketing & Consumer Products, Interactive, and Audio." Weston Woods is its production studio, acquired in 1996, as was Soup2Nuts from 2001–2015 before shutting down.
Scholastic has produced audiobooks such as the Caldecott/Newbery Collection; TV serial adaptations such as Clifford the Big Red Dog, Animorphs, The Magic School Bus and Goosebumps; and feature films such as the Harry Potter series, Tuck Everlasting, Clifford's Really Big Movie, Goosebumps, The Golden Compass, Captain Underpants: The First Epic Movie and Goosebumps 2: Haunted Halloween. It will produce the 39 Clues and as Scholastic Productions produced the series Voyagers!, My Secret Identity, and Charles in Charge.
Scholastic book clubs are offered at schools in many countries. Typically, teachers administer the program to the students in their own classes, but in some cases, the program is administered by a central contact for the entire school. Within Scholastic, Reading Clubs is a separate unit (compared to, e.g., Education). Reading clubs are arranged by age/grade.
Scholastic has been criticized for inappropriately marketing to children. Also, Scholastic now requires parents to submit children's names with birth dates to place online orders, creating controversy. A significant number of titles carried have strong media tie-ins and are considered relatively short in literary and artistic merit by some critics. Consumer groups have also attacked Scholastic for selling too many toys and video games to children, rather than focusing on just books.
In July, 2005, Scholastic determined that certain leases previously accounted for as operating leases should have been accounted for as capital leases. The cumulative effect, if recorded in the current year, would be material. As a result, it decided to restate its financial statements.
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