We’ve known for some time that publishing behemoths Penguin and Random House were to merge, thus creating a truly colossal book publisher. Well, that deal has been given one more seal of approval, with the US Department Of Justice giving the greenlight to the deal.
Random House’s parent company – German mass media corporation Bertelsmann – and Pearson confirmed the go-ahead earlier today, with the DoJ officially closing its regulatory investigation, with no conditions stipulated.
However, the deal isn’t yet complete – this is just one step in the finalization of the merger, and it has yet to be ratified by the European Commission, the Canadian Competition Bureau and other authorities around the world.
The publishing giants first announced the plans back in October last year, and it could easily be October this year before the final rubber-stamp is given – the two companies state that they fully expect the transaction to be finalized some time in the second half of 2013.
The merger includes all of Random House and Penguin Group’s various publishing units in the US, Canada, the UK, Australia, New Zealand, India and South Africa, as well as Penguin’s China operations and Random House’s Spain and Latin American publishing houses.
Assuming the deal is seen through to completion, Bertelsmann will own a majority share in the newly formed ‘Penguin Random House’ with 53%, while Pearson will own the remaining 47%.
Feature Image Credit – KAREN BLEIER/Getty