Breaking News Bar
updated: 10/29/2012 7:28 AM

Pearson, Bertelsmann confirm publishing tie-up

Success - Article sent! close

BERLIN -- Pearson PLC has confirmed that it will merge its Penguin Books division with Random House, which is owned by German media company Bertelsmann, in a deal that will create the world's largest trade publisher.

Pearson says Monday that Bertelsmann would own a controlling 53 percent share of the joint venture, which will be known as Penguin Random House. Bertelsmann would keep full control of its trade publishing business in Germany and Pearson would retain rights to use the Penguin brand in education.

Order Reprint Print Article
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Random House worldwide CEO Markus Dohle will be CEO of the new group while Penguin's CEO John Makinson will be the chairman of its new board of directors.

The closing of the deal is scheduled to take place in the second half of 2013 following regulatory approval.

Reports have also suggested that News Corp. was interesting in making a 1 billion pounds ($1.6 billion) cash bid for Penguin. Pearson meanwhile reported that operating profit in the first nine months of the year fell 5 percent although revenue increased by 5 percent.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.