Newspaper article International Herald Tribune

Penguin and Random House Wrap Up Merger

Newspaper article International Herald Tribune

Penguin and Random House Wrap Up Merger

Article excerpt

The new company, Penguin Random House, will control more than 25 percent of the English-language consumer book market, giving it unmatched leverage against Amazon.com.

Random House and Penguin on Monday completed their planned merger, creating the biggest and most powerful book publisher in the world.

The new company, Penguin Random House, will control more than 25 percent of the English-language consumer book market, and more than 25 percent of the trade book market in the United States, giving it unmatched leverage against Amazon.com, a growing force in the industry.

Bertelsmann, which owns Random House, and Pearson, which owns Penguin, announced the merger in October, saying that Bertelsmann would control 53 percent of the company and Penguin 47 percent. Since then, the merger has sailed through regulatory approvals in the United States and Europe, as well as China, Canada and other countries.

The new company would have more than 10,000 employees, 250 independent publishing imprints and about $3.9 billion in annual revenue.

Markus Dohle, the chairman and chief executive of Random House who will take on the role of chief executive of the new company, announced the finalization of the merger in an e-mail on Monday to employees.

"Today, we are Penguin Random House," he wrote. "You should be proud of what you've accomplished and what we are all now a part of: the first truly global trade book publishing company. Together, we are even better positioned to fulfill our core purpose: to bridge authors and readers by publishing the very best books. …

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