Murdoch's News Corp to buy Houghton Mifflin Harcourt’s book-publishing division for $349 million

News Corp. owns HarperCollins, one of the industry’s largest book publishers, which will operate the division, called HMH Books & Media, the company said on 29 March. New York: In the latest news of consolidation in the literary world, Rupert Murdoch’s News Corp. announced on 29 March it’s buying Houghton Mifflin Harcourt’s book-publishing division, which includes such blockbuster releases as JRR Tolkien’s The Lord of the Rings trilogy and George Orwell’s 1984. The publisher expects “to realize immediate cost savings, accumulating to more than $20 million annually within two years, including manufacturing, distribution and other cost efficiencies.” Houghton Mifflin Harcourt’s book-publishing division has published blockbusters like JRR Tolkien’s The Lord of the Rings and George Orwell’s 1984. A HarperCollins spokesperson declined on 29 March to say whether the company planned layoffs, saying it was focused on “closing the deal” and that “no decisions have been made.” In November, Penguin Random House announced it was acquiring rival Simon & Schuster for $2.2 billion, shrinking the so-called Big Five of American publishing — which also includes HarperCollins, Hachette Book Group and Macmillan — to four.