Penguin's Lawyer: Costs of E-Books Drove Deal
Nov. 20 (Bloomberg) -- Uncertainty over how much book publishers will have to invest in e-book delivery platforms -- which could be substantial -- was a driving force behind the decision of Pearson's Penguin and Bertelsmann's Random House to merge, Morgan, Lewis & Bockius partner Charles Engros tells Bloomberg Law's Spencer Mazyck. He represented Penguin in the deal, which was announced in late October. In the last year, his firm's media M&A practice has also represented Reed Elsevier in the sale of the entertainment trade publication Variety and the New York Times in its sales of About.com and its interest in the Boston Red Sox. (Source: Bloomberg)
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Edgy Design Gives Puma Brand a Boost, Says CEO Gulden
00:25 - Puma SE reported second-quarter profit that topped analysts’ estimates as the German sneaker maker got a lift from Europe’s soccer championships and a focus on the women’s market. Earnings before interest and taxes rose to 12 million euros ($13 million), Puma said in a statement Wednesday, beating analysts’ average expectation of 10.6 million euros. Sales rose 7 percent to 827 million euros, compared with the 820 million-euro consensus. The company fought negative currency-conversion effects by keeping a lid on costs. Chief Executive Officer Bjoern Gulden, three years into a turnaround effort, is balancing sports and style, pushing brash multicolored soccer cleats and a partnership with sprinter Usain Bolt. Gulden joined Bloomberg's Francine Lacqua on "The Pulse."