Pearson and Bertelsmann today announce that MOFCOM, the Chinese competition authority, has cleared the planned merger between Penguin and Random House without conditions. This follows regulatory approval in the US, 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, the world’s leading consumer publishing company, will have a stronger platform and greater resources to invest in rich content, new digital publishing models and high-growth emerging markets.
For more information
Simon Mays-Smith/ Charles Goldsmith: + 44 (0) 207 010 2310
Rebecca Sinclair: + 44 (0) 207 010 4279