Ms. Diane Wood

"The Macmillan Canada list of titles will accelerate the growth of our Canadian professional/trade publishing operation and allow us to attract and develop a broader range of Canadian authors," Diane Wood, Wiley Canada's president, said in a statement Wednesday."I am pleased that many of the authors expressed their support for us during the sale process."

While he would not disclose details of the sale, CDG president Tom Best said the company received a fair price for Macmillan Canada.The sale was managed by KPGM Corporate Finance Inc.

Wiley president Diane Wood confirms there was a settlement, but cannot reveal the terms.

Diane Wood, John Wiley & Sons

Diane Wood

President, John Wiley & Sons Canada, Ltd.

"We did not make this decision lightly," Diane Wood, the president of John Wiley Canada, said in a release.

"The process will allow assets to be sold at fair market value with all obligations to authors, trade creditors and employees being met."

CDG Books Canada publishes a number of titles under the Macmillan Canada imprint.It also publishes the For Dummies and Frommer's trademarks under an agreement with John Wiley & Sons Inc., the U.S. parent of the Canadian company.

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Because it's such a valuable asset, we fully expect the rights will be purchased and its authors will continue to be published," Wood said.

Consulting company KPMG will handle the sale of the Macmillan assets.

CDG Books Canada was created in 1998, when Macmillan Canada, a division of Gage Learning Corp., and Hungry Minds Inc. joined forces.

Wiley Canada's U.S. parent bought 49 per cent of CDG when it acquired Hungry Minds in September 2001.

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"John Wiley & Sons Inc., is committed to maintaining its Canadian presence," Wood said."Despite this realignment of our company's operations, we will continue to support Canadian authors."

Wood added that no jobs will be cut at John Wiley & Sons Canada, but 17 workers will be affected at CDG Books Canada.

Founded in 1807, U.S.-based John Wiley & Sons Inc., publishes scientific, technical, and medical journals, encyclopedias, books, and has online products and services.It also publishes professional and consumer books, subscription services, and educational materials.

Diane Wood

President, John Wiley & Sons Canada, Ltd.

"We are pleased to be the successful bidder for this important asset," said Diane Wood, Wiley Canada's President."We made a fair offer that represents both the current and potential future value of these publishing programs to our company."

The Macmillan Canada titles will now be published by John Wiley & Sons Canada and promoted through a national sales and marketing program aimed at raising the profile of Canadian authors.

"The Macmillan Canada list of titles will accelerate the growth of our Canadian professional/trade publishing operation and allow us to attract and develop a broader range of Canadian authors," Ms. Wood said."I am pleased that many of the authors expressed their support for us during the sale process," added Wood.

Founded in 1968, John Wiley & Sons Canada, Ltd. provides must-have content and services to Canadian customers including professionals, students, and consumers.Its core businesses include professional and consumer books on personal finance, management and general business as well as educational materials for undergraduate and graduate students and lifelong learners.

For further information Diane Wood, President, John Wiley & Sons Canada, Ltd., (416) 236-4433

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