The Upcoming
  • Cinema & Tv
    • Movie reviews
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Show reviews
  • Music
    • Live music
  • Food & Drinks
    • News & Features
    • Restaurant & bar reviews
    • Interviews & Recipes
  • Theatre
  • Art
  • Travel & Lifestyle
  • Literature
  • Fashion & Beauty
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
      • London Fashion Week
      • London Fashion Week Men’s
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Competitions
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Archive

Publishers Penguin and Random House agree merger

Publishers Penguin and Random House agree merger
29 October 2012
Aimee Latimer
Avatar
Aimee Latimer
29 October 2012

Penguin and Random House announced a company merger on the 29thOctober combining publishers Pearson with the German media group Bertelsmann.

Penguin Books will lose the name it has held since being founded in 1935.
Photo by: Suzanne Plunkett / Bloomberg.

The £2.4 billion deal will see Pearson control 47%, and Bertelsmann the remaining 53%, of the new venture called Penguin Random House.

The deal will be the first of its kind among the top six major world publishers.

Known as “The Big Six”, the list includes also Hachette, HarperCollins, Macmillan and Simon & Schuster.

The announcement also brings an end to speculation that News Corporation’s Harper Collins intended to buy Penguin with a £1 billion bid.

World renowned Penguin accounts for 12% of all UK book purchases and has built its reputation on classic and educational literature. Random House is the leading English language publishing house in the UK and the US.

Despite the strength of the two companies, industry experts believe such mergers are inevitable as the rise in eBooks and the subsequent closings of high-street bookshops continue to challenge the face of publishing.

Pearson chief executive Marjorie Scardino is optimistic the merger will allow new opportunities for development and said: “Penguin is a successful, highly respected and much-loved part of Pearson. This combination with Random House will greatly enhance its fortunes and its opportunities.

“Together, the two publishers will be able to share a large part of their costs, to invest more for their author-reader constituencies and to be more adventurous in trying new models in this exciting, fast-moving world of digital books and digital readers.”

It is predicted that Penguin-Random House will dominate around a quarter of the US and UK book market, generating an annual revenue of £2.5 billion.

Aimee Latimer 

 

Related Items

More in Archive

Achieve timeless elegance this S/S 2014 with S.I.L.K.

Ellie Owen
Read More

Bespoke jewellery by Charlotte Tamar

Niten Thakor
Read More

Enjoy designer luxury with Alexis Smith Lingerie’s A/W 2013 collection

Ellie Owen
Read More

Embrace vibrancy and colour with PPQ this winter

Ellie Owen
Read More

Kenzo Metallics adds the sparkle to you Christmas wardrobe

Niten Thakor
Read More

A Christmas alternative: Cranberry and Orange Jeweled Nut Bake

Bethany Stone
Read More

An Austique shopping guide: your one-stop shop for last minute gifts

Christianna Pugliese
Read More

A comforting twist to designer heels

Michelle McGill
Read More

Iain Duncan Smith condemned for refusing to meet with Trussell Trust

Abbie Cavendish
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • Alice Cooper at the O2 Arena
    ★★★★★
    Live music
  • Decision to Leave (Heojil Kyolshim)
    ★★★★★
    Cannes
  • The Five Devils (Les Cinq Diables)
    ★★★★★
    Cannes
  • Stephen Fry enters the Radio Times Hall of Fame in conversation with Alan Yentob at the BFI Imax
    Cinema & Tv
  • Roma Bar Show returns for a second edition in Rome next week
    Food & Drinks
  • Elvis
    ★★★★★
    Cannes
  • Dodo
    ★★★★★
    Cannes
  • Beach House Summer by Sarah Morgan
    ★★★★★
    Literature
  • Alice Cooper at the O2 Arena
    ★★★★★
    Live music
  • Michael Kiwanuka at Alexandra Palace
    ★★★★★
    Live music
  • Alice Cooper at the O2 Arena
    ★★★★★
    Live music
  • Michael Kiwanuka at Alexandra Palace
    ★★★★★
    Live music
  • The Innocent (L’Innocent)
    ★★★★★
    Cannes
  • “You don’t need a green screen if you have Tom Cruise”: Miles Teller, Jay Ellis, Greg Davis and Danny Ramirez on Top Gun: Maverick
    Cinema & Tv
  • Metronom
    ★★★★★
    Cannes
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why
With the support from:
International driving license

Copyright © 2011-2020 FL Media

Revitalise and strengthen your hair with Billy Jealousy
Freeze Festival: Day 2 at Battersea Power Station