Subsequent Events

9 Months Ended

Feb. 29, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On March 11, 2024, the Company signed a definitive agreement to invest in 9 Story Media Group ("9 Story"), a leading creator, producer and distributor of premium animated and live-action children's content. Under the terms of the definitive agreement with 9 Story, Scholastic will acquire 100% of the economic interests and a minority of voting rights in 9 Story for approximately $186 million, subject to customary purchase price adjustments. The investment has been approved by both companies' boards of directors and the shareholders of 9 Story. Subject to receipt of a satisfactory opinion by the Minister of Canadian Heritage and other customary closing conditions, the transaction is expected to close in the first quarter of fiscal 2025.

On March 20, 2024, the Board declared a quarterly cash dividend of $0.20 per share on the Company’s Class A and Common Stock for the fourth quarter of fiscal 2024. The dividend is payable on June 17, 2024 to shareholders of record as of the close of business on April 30, 2024. The Board also authorized an increase of $54.6 for Common share repurchases under the Company's share buy-back program, resulting in a current Board authorization of $100.0, which includes $46.0 remaining from the previous Board authorization less share repurchases of $0.6 subsequent to February 29, 2024.