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The planned merger between Random House and Penguin has been completed according to schedule. The parent companies signed the final contracts to create the world's largest publisher of consumer books.
Parent companies Bertelsmann and Pearson announced they signed the final contracts for the mass merger on Monday. The move will combine the global activities of the two publishers and create Penguin Random House, the biggest consumer books publisher.
Random House owner Bertelsmann will hold 53 percent of the new company, while Penguin parent Pearson will secure the remaining 47 percent.
The merged entity will employ more than 10,000 people worldwide and is expected to create an annual turnover of some three billion euros ($3.9 billion).
Stronger market position
Bertelsmann and Pearson said the merger already had full approval by responsible regulators in the nations where the merged group will be active.
Random House chief Markus Dohle becomes CEO of the privately held new group, while Penguin's CEO John Makinson will be the chairman of the group's board of directors.
Penguin Random House is to include top-selling authors such as Dan Brown and Ken Follett as well as a vast back catalog ranging from John Steinbeck's "The Grapes of Wrath" to Ralph Ellison's "Invisible Man" and other famous works.
The merger is set to be a powerful rival to US competitors Amazon, Apple and Google.
hg/hc (dpa, Reuters, AP)