Bertelsmann’s Random House Seeks EU Approval for Penguin Bid
The European Commission set an initial deadline of April 5 to rule on the deal, according to a filing on its website today.
The joint venture, named Penguin Random House and to be based in New York, will be 53 percent-owned by Guetersloh, Germany-based Bertelsmann, with London-based Pearson holding the remainder, the companies said in October. Bertelsmann CEO Thomas Rabe said the venture between 77-year-old Penguin and 87-year- old Random House will control about 25 percent of the industry.
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