09:31 AM EDT, 06/21/2024 (MT Newswires) -- Scholastic (SCHL) said Friday that it has completed its investment in 9 Story Media Group after receiving approval from the Canadian Minister of Heritage.

Scholastic acquired 100% economic interest and minority voting rights in the children's content-producing media group for 250 million Canadian dollars ($182 million) from an affiliate of ZMC and other shareholders.

Scholastic said it has funded the deal with available cash and its revolving credit facility and expects maintaining its regular dividend and authorized share buyback. The deal is expected to contribute long-term earnings accretion.