Bertelsmann’s Random House Seeks EU Approval for Penguin BidAoife White
Bertelsmann SE’s Random House sought European Union approval to buy Pearson Plc’s Penguin unit to create the largest book publisher in the U.K. and the U.S.
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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Uber Halts Autonomous Car Tests After Fatal Crash in Arizona
- Apple Is Secretly Developing Its Own Screens for the First Time
- Stocks Slump as Facebook Hits Tech; Bonds Recover: Markets Wrap
- From a $126 Million Bonus to Jail: The Fall of a Star Trader
- Facebook Plunges as Pressure Mounts on Zuckerberg Over Data