News Corp. will buy Canadian romance publisher Harlequin

Rupert Murdoch’s publishing company, News Corp., said that it has agreed to purchase Harlequin Enterprises from Canada's Torstar Corp. for about $415 million in cash. The world's leading publisher of romance novels is expected to be folded into News Corp.'s New York book publishing unit, HarperCollins.

Harlequin operations will remain in Toronto. Harlequin publishes the work of about 1,300 authors and churns out 110 titles a month, with such titles as "A Game of Seduction," "Need You Now" and "My Fair Billionaire." "It's not just about romance -- the company has interesting capabilities," said Brian Murray, chief executive of HarperCollins. "They have a very solid business, and while it has declined a little during the last few years, it remains a very profitable business."