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:

Baker Book House holds record-breaking sale

News image

Baker Book House held its annual Bible sale Saturday, Nov....

READ MORE

NRF predicts shopper behavior Thanksgiving weekend

News image

Americans preparing for Thanksgiving also are considering their shopping list...

READ MORE

WaterBrook women’s favorite sells 1 million

News image

WaterBrook Press celebrates the sale of more than 1 million...

READ MORE

Fans prove their love for Casting Crowns

News image

Beach Street Records/Reunion Records recording artist Casting Crowns received its...

READ MORE

Word Weavers forms alliance with BelieversTrust

News image

Word Weavers International, an 18-year-old organization for writers founded and...

READ MORE

Rep Connection to represent CA Gift

News image

CA Gift, formerly Cathedral Art Metal, is headed for the...

READ MORE

‘Christian Retailing’ is thankful for you

News image

Christian Retailing Update will not be in your inbox this...

READ MORE

Eerdmans editor in chief to retire

News image

Jon Pott, vice president and editor in chief of Wm....

READ MORE

Zondervan hosts dinner for NIV’s 50th

News image

Zondervan, Biblica and the Committee on Bible Translation welcomed more...

READ MORE

Munce partners with SuzyQ to host writers conference

News image

The Munce Group and SuzyQ have announced a new writers...

READ MORE

Fire destroys Los Angeles Christian store

News image

A Christian retail store was gutted by fire Friday evening,...

READ MORE

Family Christian partners to assist widows for Thanksgiving

News image

Family Christian Stores has announced its partnership with author Miriam...

READ MORE
100%
-
+
0
Show options

a