Digital Revenue Increases 43% for Wiley’s Trade Division, Drives Overall Growth
Digital publishing revenue increased by 43% at John Wiley & Son’s professional and trade publishing division in the company’s first quarter of fiscal 2013 ending July 31. Digital revenue now accounts for 21% of the division’s revenue, up from 14% during the same period a year ago.
Total revenue at the professional and trade division was up 3% to nearly $102 million, driven by growth in digital.
As mentioned in the earnings release, Wiley continues to seek out buyers for its trade assets. In August, Wiley announced the sale of its Frommer’s travel guide business to Google. The assets had been for sale for five months before the Frommer’s deal was announced.
According to a Wiley spokesperson, the company will be revealing the terms of the Google-Frommer’s deal later today in its full quarterly earnings report.
UPDATE: Google bought Frommer’s for $22 million in cash.
Revenue at the company as a whole — including its professional and trade, scientific, technical, medical and scholarly, and educational publishing businesses — declined 4% to $411 million in the first quarter from $430 million the previous year.