Christian Retailing

NEWSLETTERS Current Issue Justice department approves Penguin-Random House merger
Justice department approves Penguin-Random House merger PDF Print E-mail
Written by Christine D. Johnson   
Friday, 15 February 2013 04:51 PM EST

randompenguin.webThe U.S. Department of Justice (DOJ) has approved the proposed merger of Penguin and Random House “without conditions,” according to a DOJ statement issued to their respective parent companies, Pearson and Bertelsmann.

“We are very pleased that the U.S. Department of Justice has concluded its review and made a determination to clear the planned combination of Random House and Penguin without any conditions,” said Thomas Rabe, chairman and CEO of Bertelsmann. "This positive first decision by one of the antitrust authorities is an important milestone on the path to uniting two of the world’s leading publishing companies into a truly global publishing group.”

Last October, Pearson and Bertelsmann announced their plan to unite the two houses. Joining Penguin and Random House was thought to help the merged company gain more traction in the digital book market.

“It will enable investments worldwide in new digital publishing models, in new distribution paths, products and services and in the major growth markets,” Rabe said.

The DOJ decision comes at a much faster pace than did its approval of HarperCollins Publishers’ acquisition of Thomas Nelson, which took approximately nine months.

Under terms of the new deal, Bertelsmann would own 53% and Pearson 47% of the new Penguin Random House (PRH) company. After the merger is completed, the company will control more than 30% of all trade book publishing. The WaterBrook Multnomah Publishing Group is part of Random House.

The U.S. was the first country to approved the proposed merger, which is still under review by the European Commission, the Canadian Competition Bureau and other antitrust authorities around the world. Pearson and Bertelsmann expect the transaction to close in the second half of 2013.

 

In this current issue:

ICRS addresses industry concerns but sees big attendance drop

News image

Christian retailers gathered with suppliers and distributors at the Orange...

READ MORE

Integra introduces in-store kiosks to grow wall-art sales

News image

Interactive technology is redefining the way consumers can shop for...

READ MORE

Vendors display skill and scripture with new gift items

News image

Gift vendors at the 2015 International Christian Retail Show displayed...

READ MORE

General Session panelists ‘hug It out’ after heated exchange

News image

Tuesday morning's ICRS General Session was supposed to stay focused...

READ MORE

Don Piper's '90 Minutes in Heaven' draws capacity crowd at ICRS

News image

Faith-based films were big business at ICRS Orlando, with screenings...

READ MORE

Film buzz big among retailers, authors and suppliers

News image

The buzz about films at ICRS took center stage at...

READ MORE

Study: Christian fiction readers buy, read more books

News image

Christian fiction readers read more than the national average and...

READ MORE

Josh McDowell offers charge to church bookstores

News image

Church bookstore managers and staff and those considering entering the...

READ MORE

Retailers offer input in new version of children's workshop

News image

A panel of children’s suppliers and experts told retailers Monday...

READ MORE

Logos retailers celebrate the power of the book

News image

Members of the Association of Logos Bookstores have nominated and...

READ MORE

Graphic novels help stores make 'cultural connection' with fans

News image

Graphic novels continue to demonstrate tremendous growth potential in the...

READ MORE

Virtual Storehouse CEO shares tech tools for ministry

News image

Don Olson, CEO of Virtual Storehouse and Foreign Christian Books focused...

READ MORE
100%
-
+
0
Show options

a