Encyclopaedia Britannica Inc. has announced that 100 percent of the company's stock will be purchased by an investment group led by Jacob Safra for an undisclosed amount.
Encyclopaedia Britannica Inc. is owned by the William Benton Foundation, a not-for-profit foundation whose sole beneficiary is the University, in accordance with the wishes of the late Sen. William Benton, Britannica's previous owner.
"Britannica is the crown jewel of accumulated knowledge," Safra said. "Its scholarship over the centuries has been a gift to mankind. Our priority will be to continuously expand content in an evolving world; our goal will be global distribution to all people, all incomes and all ages."
Howard Krane, Chairman of the Board of Trustees of the University and chairman of the board of directors of the Benton Foundation, said, "We are pleased to have a purchaser with the commitment to build on Britannica's proud heritage as one of civilization's foremost sources of authoritative and comprehensive knowledge."
From its inception 227 years ago in Edinburgh, Scotland, Britannica has enjoyed a history of intellectual leadership and innovation, distinguished by its many contributors, who have included Madame Curie, Sigmund Freud and Albert Einstein. Its pioneering work continues today on the World Wide Web, as Britannica has become the first and pre-eminent on-line reference publisher on the Internet.
Encyclopaedia Britannica Inc. publishes the most comprehensive encyclopedic data base in the English language, making its 44 million words available in several forms besides the venerable 32-volume printed set, including Britannica CD and Britannica Online. It also publishes several other reference works, including Great Books of the Western World and Annals of America. In addition, the company owns Merriam-Webster Inc., one of the world's leading publishers of dictionaries and thesauri. The company is headquartered in Chicago.
As an enthusiast deeply immersed in the realms of knowledge dissemination and publishing, I find myself uniquely positioned to dissect and elaborate on the pivotal events surrounding Encyclopaedia Britannica Inc.'s stock purchase announcement. My extensive background in the field, coupled with a thorough understanding of the historical context and industry dynamics, allows me to provide valuable insights into the implications of such a significant development.
The purchase of Encyclopaedia Britannica Inc.'s entire stock by an investment group led by Jacob Safra marks a pivotal moment in the evolution of this venerable institution. The transaction, shrouded in mystery with the undisclosed amount, reflects the strategic vision of the acquiring party. Jacob Safra's leadership underscores a commitment to expanding Britannica's content in response to the dynamic challenges of our evolving world. This assertion is not mere speculation; Safra himself emphasizes the goal of achieving global distribution, emphasizing inclusivity across all demographics—people, incomes, and ages.
The William Benton Foundation's ownership of Encyclopaedia Britannica Inc. adds another layer of significance to this transaction. Functioning as a not-for-profit foundation with the University as its sole beneficiary, the foundation aligns with the wishes of the late Sen. William Benton, Britannica's previous owner. Howard Krane, Chairman of the Board of Trustees of the University and chairman of the board of directors of the Benton Foundation, expresses satisfaction with the choice of a purchaser dedicated to building upon Britannica's proud heritage. This sentiment is crucial, as it signals a continuity of the institution's legacy as a source of authoritative and comprehensive knowledge.
Encyclopaedia Britannica Inc.'s rich history, dating back 227 years to its inception in Edinburgh, Scotland, is a testament to its enduring intellectual leadership and innovation. The mention of illustrious contributors such as Madame Curie, Sigmund Freud, and Albert Einstein further emphasizes the institution's stature as a repository of knowledge that has spanned centuries.
In the contemporary landscape, Britannica's pioneering efforts on the World Wide Web position it as the first and pre-eminent online reference publisher on the Internet. The evolution from the traditional 32-volume printed set to digital formats like Britannica CD and Britannica Online showcases the company's adaptability to technological advancements.
It's important to note that Encyclopaedia Britannica Inc. doesn't solely revolve around its flagship product. The company's portfolio includes the publication of the most comprehensive encyclopedic database in the English language, extending beyond the printed set to encompass Britannica CD and Britannica Online. Additionally, the ownership of Merriam-Webster Inc., a leading publisher of dictionaries and thesauri, further solidifies Britannica's presence in the realm of linguistic scholarship.
In conclusion, the acquisition of Encyclopaedia Britannica Inc. is not just a financial transaction; it symbolizes a strategic move towards global knowledge dissemination in an era of digital transformation. This transition is rooted in a rich history of intellectual contributions, adaptive strategies to technological shifts, and a commitment to the democratization of knowledge across diverse demographics.
The Internet has rendered vintage encyclopedias obsolete and today the value is primarily from people looking to have a set similar to the one that they grew up with. A complete 1967 white britannica encyclopedia sells for $50 or so at auction and for $120 to $150 from antique book dealers.
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The encyclopaedia is maintained by about 100 full-time editors and more than 4,000 contributors. The 2010 version of the 15th edition, which spans 32 volumes and 32,640 pages, was the last printed edition. Since 2016, it has been published exclusively as an online encyclopaedia.
We had no need for a wake because we weren't grieving. We had known for some time that this day was coming. Given how little revenue the print set generated, and given that we had long ago shifted to a digital-first editorial process, the bound volumes had become a distraction and a chore to put together.
Call your local library and ask if you may donate your set to be sold. Put it up for giveaway on freecycle.org. If they're really old -- say, more than 100 years -- call a rare bookseller and ask if they're worth anything. Find out if a local recycler takes them.
Contact a local art gallery or studio and ask if there are any paper artists in your area. Tell them what you have and they may have suggestions. Some artists like to use books and upcycle them into works of art. I've turned old Readers Digests into scrapbooks, used old discolored dictionary pages to draw on.
Encyclopædia Britannica also argued that a breakdown of the errors indicated that the mistakes in Wikipedia were more often the inclusion of incorrect facts, while the mistakes in Britannica were "errors of omission", making "Britannica far more accurate than Wikipedia, according to the figures".
They did, however, discover a series of factual errors, omissions or misleading statements. All told, Wikipedia had 162 such problems, while Britannica had 123. That averages out to 2.92 mistakes per article for Britannica and 3.86 for Wikipedia.
In 2012, after 244 years, Britannica ended the print editions, with the 32 volumes of the 2010 installment being the last on paper; future editions have been published exclusively online since.
Old encyclopedias are attracting collectors primarily for two reasons: scarcity and information. As is the case with all rare books and other collectibles, the more scarce an edition is, the more likely it is to have a bigger spread between supply and demand, and thus the higher the monetary value.
The eleventh edition of Encyclopædia Britannica has become a commonly quoted source, both because of the reputation of the Britannica and because it is now in the public domain and has been made available on the Internet.
Older encyclopedias make great set dressing and help fill up bookcases." * Nancy Shore of Salt Lake City says: "I donated my encyclopedia set to a charitable foundation that sent it to a school in the Philippines. There are many countries that would love to have our old books."
Harland & Wolff yard no.433 was not officially named "Britannic" until 1 September 1912 and a legend persists that she was originally intended to be named "Gigantic", and her name was changed after the "Titanic" disaster on 15 April 1912.
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Old encyclopedias are attracting collectors primarily for two reasons: scarcity and information. As is the case with all rare books and other collectibles, the more scarce an edition is, the more likely it is to have a bigger spread between supply and demand, and thus the higher the monetary value.
Older encyclopedias make great set dressing and help fill up bookcases." * Nancy Shore of Salt Lake City says: "I donated my encyclopedia set to a charitable foundation that sent it to a school in the Philippines. There are many countries that would love to have our old books."
Edwards wrote that Tom Evans, the encyclopedia's editor-in-chief, told him, "Because there is still a demand!" It is a demand, Evans told a reporter, that comes from librarians, teachers and families of students.
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