Chegg and Ingram Content Group Sign Agreement

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Apr 06, 2015, 09:28 ET

SANTA CLARA, Calif., April 6, 2015 /PRNewswire/ -- Chegg (NYSE: CHGG), The Student Hub, and Ingram Content Group today announced that they have signed an agreement establishing a multi-year renewable collaboration between the two companies.

The agreement sets forth the principle terms announced on February 23, 2015 and establishes that Ingram will be responsible for the warehousing and logistics of all textbooks in the Chegg catalog, and beginning May 1, 2015, Ingram will purchase all new textbook inventories for the Chegg catalog. Chegg will continue to market its entire catalog under the Chegg brand and will continue to own the customer experience, including catalog sizing, end-user pricing, marketing, customer support, ongoing student relationships and data. In addition, Chegg and its brand partners will continue to deliver surprise and delight to students with the products found inside of Chegg-branded boxes, which Ingram will use to fulfill orders.

"Chegg puts students first, and together with Ingram we will continue to offer college students the best textbook service available anywhere. At the same time, as a result of the partnership we will be able to invest more rapidly in our digital services, such as Chegg Study and Chegg Tutors, which are helping students to succeed in school and which last year collectively counted more than 1 million paying subscribers and an annualized growth rate of 54-percent," said Dan Rosensweig, Chairman and CEO of Chegg.

Chegg previously discussed the principle terms of the agreement and anticipated benefits in depth during its earnings call on February 23, 2015. An archived webcast of the call is available online at http://investor.chegg.com.

About Chegg
Chegg puts students first and is proud to have saved students and their families more than $500 million in 2014 alone. As the leading student-first connected learning platform, Chegg's Student Hub makes higher education more affordable and more accessible, all while improving student outcomes. Chegg is a publicly-held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. For more information, visit

About Ingram
Ingram Content Group Inc. is a subsidiary of Nashville-based Ingram Industries Inc. The company got its start in 1964 as a textbook depository and has since grown and transformed into a comprehensive publishing industry services company that offers numerous solutions, including physical book distribution, print-on-demand and digital services. Committed to the success of its partners, Ingram works closely with publishers, retailers, libraries and schools around the world to provide them with the right products and services to help them succeed in the dynamic and increasingly complex world of content publishing. Ingram's operating units are Ingram Book Company, Lightning Source Inc., Vital Source Technologies, Inc., Ingram Periodicals Inc., Ingram International Inc., Ingram Library Services Inc., Spring Arbor Distributors Inc., Ingram Publisher Services Inc., Tennessee Book Company LLC, Coutts Information Services, and ICG Ventures Inc. Learn more about Ingram Content Group at www.ingramcontent.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to our expectations, future plans and strategies and concern matters that are not historical facts. You can identify forward-looking statements by use of words such as "will," or similar words or phrases that indicate future events or trends and that do not relate solely to historical matters. These forward-looking statements include, without limitation those regarding the parties' responsibilities under the agreement, Chegg's ongoing business and the anticipated benefits to Chegg and to students of the strategic partnership between Chegg and Ingram. Forward-looking statements are not guarantees of future performance, and are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, contingencies and other factors that may cause actual results, to differ materially from those expressed in any forward-looking statement. Important factors, including among others, the ability of the parties to carry out their responsibilities under the agreement and achieve the anticipated benefits of the strategic partnership, could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release. Additional information about factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release is contained in Chegg's Annual Report on Form 10-K for the quarter ended December 31, 2014. All information provided in this press release is as of the date hereof and Chegg undertakes no duty to update this information except as required by law.

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