News Corp. sees profit potential in the tales of princes, sexy soldiers and mysterious millionaires.
The publishing company controlled by media mogul Rupert Murdoch said Friday that it has agreed to buy romance novel publisher Harlequin Enterprises from Torstar Corp. for 455 million Canadian dollars ($415 million) in cash.
Harlequin will become a division of News Corp.'s HarperCollins Publishers subsidiary and remain based in Toronto.
Founded in 1949, Harlequin publishes its steamy tales in 34 languages and sells them in over 100 international markets. Its titles include the works of more than 1,300 authors and it releases more than 110 titles each month.
News Corp. said the deal will extend HarperCollins' global reach, especially in Europe and Asia Pacific.
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