News Penguin, Random House Complete Merger
posted on 2013-07-02 23:16 EDT
The German media corporation Bertelsmann and the British media conglomerate Pearson announced on Monday that their publishing companies Penguin and Random House have completed their merger to form the new company Penguin Random House. Pearson and Bertelsmann announced their plans to merge their companies last October. Bertelsmann will own 53% and Pearson 47% of the new company.
The new company will include Penguin and Random House' divisions in the United States, Canada, the United Kington, Australia, New Zealand, and India, as well as Random House's divisions in Spain and Latin America, and Penguin's trade publishing activity in Asia and South Africa. The new company is projected to generate an average revenue of US$3.9 billion.
Thanks to Daniel Zelter for the news tip.