"No one can be lonely who has a book for company." ~ Nelle Reagan
Friday, April 19, 2013
Random House and Penguin Merger Approved in Canada
The merger between Random House and Penguin has been approved in Canada by the Department of Canadian Heritage and the Competition Bureau. The merger, which is expected to be in effect this summer, was announced last fall and has been granted approval in the U.S., Australia and New Zealand.
Penguin Canada provided a press release which stated that upon completion of the merger, Beterlsmann (owner of Random House) will own 53 per cent and Pearson (of Penguin) will own 47 percent of what will be theretofore be known as Penguin Random House, encompassing both companies' publishing assets in Canada, the U.S., the U.K., Australia, New Zealand, India and South Africa, China (formerly Penguin's) and Spain and Latin America (formerly Random House).
“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,” the release states.