British publisher Pearson on Monday said it had agreed to merge its Penguin division with consumer publishing rival Random House, owned by German media giant Bertelsmann.
“Pearson and Bertelsmann today announce an agreement to create the world’s leading consumer publishing organisation by combining Penguin and Random House,” said a statement.
Penguin and Random House will combine their businesses in a newly-created joint venture named Penguin Random House. Bertelsmann would own 53 percent of the joint venture and Pearson 47 percent.
“The combination brings together two of the world’s leading English language publishers, with highly complementary skills and strengths,” the statement said.
“Random House is the leading English language publisher in the US and the UK, while Penguin is the world’s most famous publishing brand and has a strong presence in fast-growing developing markets.”
[Image via Agence France-Presse]