CBI member Pearson and Bertelsmann recently announced that China's Ministry of Commerce had cleared the planned merger between Penguin and Random House without conditions.
This follows regulatory approval in the U.S., Europe, Australia, New Zealand,
Canada, and South Africa. The two companies announced their agreement to
combine Penguin and Random House in October 2012 and expect to close the
transaction in July.
Following completion, Bertelsmann will own 53% and Pearson 47% of Penguin
Random House. It will encompass all of Random House and Penguin Group's
publishing units in the U.S., Canada, the U.K., Australia, New Zealand, India,
and South Africa, as well as Penguin's operations in China and Random House's
publishers in Spain and Latin America. Pearson and Bertelsmann believe that the
combined organisation will have a stronger platform and greater resources to
invest in rich content, new digital publishing models, and high-growth emerging
markets.
Please click here
to read the full press release by Pearson.
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