Random House and Penguin merger confirmed
Random House and Penguin merger confirmed and includes all Random House and Penguin publishing divisions and imprints in Australia and New Zealand.
We just got a heads-up from Bookseller+Publisher journalist Eloise Keating that Bertelsmann has issued a statement confirming the merger between Random House and Penguin. The agreement will result in Bertelsmann, which owns Random House, holding 53% stake in the business and Pearson, which owns Penguin, with a 47% stake in the new business, which will be called Penguin Random House. Markus Dohle from Random House will be CEO and John Makinson from Penguin will be Chairman of the Board. Bertelsmann will appoint five Board members and Penguin will appoint four.
The closing of the transaction is scheduled to take place in the second half of 2013, following regulatory approval.
The new publishing group will include all the publishing divisions and imprints of Random House and Penguin in the United States, Canada, the United Kingdom, Australia, New Zealand, India, South Africa, as well as Penguin’s publishing company in China, and Random House’s Spanish-language publishing operations in Spain and Latin America. Random House’s Munich-based German-language publishing company, Verlagsgruppe Random House, will not be part of the Group and will remain at Bertelsmann. In the new company, the publishing imprints of Random House and Penguin will continue to publish their books with the autonomy they presently enjoy, and retain their distinct editorial identities.
Expect to hear more about this in the coming days.