NewStar Acquires Audio Literature
Posted on June 16, 1999NewStar Media Inc., a diversified entertainment company, has announced as its first step in its acquisition program, the purchase of Audio Literature, a publisher of a wide range of audio books including the best selling Conversations with God series by Neale Donald Walsch, and the perennial bestseller What Color is Your Parachute. Audio Literature's list will now be sold by Publishers Group West ("PGW") and will be PGW's lead audio line.
Audio Literature's product line complements NewStar's recently launched website, AudioUniverse.com, which established NewStar as a marketer of audiobooks on the Internet. The acquisition is part of NewStar's growth strategy which includes acquiring audio book companies with a leading presence in lines of specific-interest audios.
Peter H. Engel, the President of NewStar Publishing and Internet Services, says in a statement, "The combined NewStar and Audio Literature collection offers the most complete and appealing line of recorded spiritual and self-help intellectual property available. With the tremendous demand for such content on the Internet and at retail, especially as we head toward the new millennium, this acquisition fits beautifully into our plan to greatly expand our overall presence."