Penguin and Random House first announced their plans to merge last October, thus creating a colossal book publisher. Well, that deal has been given yet another big seal of approval with MOFCOM, the Chinese competition authority, giving the deal the go-ahead without conditions.
Today’s news follows on from the US Department of Justice greenlighting the deal back in February, which was a big step towards completing the merger. Australia followed suit, as did New Zealand, South Africa and then Europe in early April.
Random House’s parent company – German mass media corporation Bertelsmann – and Pearson (Penguin’s parent company) confirmed the news earlier today, but the overall deal isn’t yet finalized, as it has yet to be ratified by a number of other bodies.
Indeed, while the China hurdle is a significant step forward, there still remains India, Spain and a number of Latin American countries where Penguin and Random House operate. So it could be another few months yet before the deal is finally signed, sealed and delivered.