Recorded Books LLC have changed hands with Wasserstein & Co. being the new owners of the premier company that has been providing unabridged audiobooks and other digital content or related services to schools, libraries and the open market. Recorded Books has to its credit more than 13,500 exclusive audiobooks and has extensive operations in the US, UK and Australia. Recorded Books also has more than 100,000 ebooks to offer libraries via its proprietary OneClick Digital platform, along with a dozen other electronic resources which includes Zinio, a provider of digital magazines for various ereading platforms. Recorded Books also maintains a distribution agreement with IndieFlix, a streaming movie service.
Speaking of the development, Rich Freese, President and CEO of Recorded Books said, “We are excited to work with Wasserstein & Co., whose expertise in the stewardship of content-owning media businesses will enable us to expand our leadership position in the audiobook, eBook, and digital content markets. This strategic partnership provides us with the resources to further broaden our content offerings and services for customers, and accelerate our growth into additional global markets.”
“Recorded Books is a premier audiobook publisher, drawing from the days when it pioneered the industry over thirty years ago,” commented Anup Bagaria, Co-Managing Partner of Wasserstein & Co. “With a proven management team, a portfolio of high quality exclusive content, and proprietary technology, Recorded Books is well-positioned to capitalize on the shift from physical audiobook formats to digital content. We look forward to working closely with the Recorded Books team as it continues to build on its long-standing customer relationships and track record of strong growth.”
Rick Noble, CEO of Haights Cross Communications too sounded optimistic of the new arrangement, saying: “With their world-class digital platform and new eBook offering rapidly gaining momentum, the timing is perfect for Recorded Books to be joining a quality, growth-oriented private equity firm like Wasserstein & Co. We wish them all every success.”