Articles Posted in Houghton Mifflin Harcourt

Over the past couple of decades education publishing has been characterized by waves of consolidation into a handful of giant conglomerates. This is a typical pattern in an industry as products commoditize. If products are effectively interchangeable (commodities) competitors gain competitive advantage through industrial scale cost management (economies of scale).…

Moodys* has completely withdrawn credit ratings for Houghton Mifflin Harcourt (HMH) after downgrading it to high risk just last month. This action means Moodys believes there is a high probability of default. From a practical standpoint this means that it will be harder and more expensive to service the company’s…