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:

Apple Pay launches for mobile purchasers

News image

Apple has announced that customers can start making payments with...

READ MORE

Barbour fiction dominates ECPA’s best-seller list

News image

Barbour Publishing has announced that its fiction titles currently hold...

READ MORE

'Inspirational' bands receive American Music Awards nominations

News image

Casting Crowns, Newsboys and Hillsong United have been nominated for...

READ MORE

Stephen Mansfield’s timely book receives media attention

News image

New York Times best-selling author Stephen Mansfield is receiving major...

READ MORE

Christian publishers sign with Bookmasters for distribution

News image

Bookmasters has signed new distribution agreements with three Christian publishing...

READ MORE

CBA previews 2015 ICRS, opens exhibitor registration

News image

Nearly 20 representatives from more than a dozen companies were...

READ MORE

Thom Rainer’s church-focused books still going strong

News image

Thom S. Rainer’s I Am a Church Member (B&H Books)...

READ MORE

Dan Rich announces retirement after 40 years in publishing

News image

David C Cook Chief Publishing Officer Dan Rich will retire...

READ MORE

U.S. retail sales fall in September

News image

Retail sales dropped by 0.3% to $442.7 billion in September,...

READ MORE

NRF poll forecasts increased 2014 holiday spending

News image

The National Retail Federation (NRF) is forecasting holiday sales to...

READ MORE

Barbour author Vickie McDonough reaches sales milestone

News image

Barbour Publishing author Vickie McDonough recently surpassed the 1 million-copy...

READ MORE

GRAMMY-winning artist J Moss escapes house fire

News image

GRAMMY-winning producer and Stellar Award-winning artist J Moss escaped a...

READ MORE
100%
-
+
0
Show options

a