Tags: EU | Britain | Penguin Random House

German Media Giant Increases Stake in Penguin Random House

Tuesday, 11 July 2017 06:38 AM

LONDON (AP) — British publishing company Pearson will sell a 22 percent stake in New York-based Penguin Random House to its German co-owner, Bertelsmann.

The sale will raise Bertelsmann's stake to 75 percent, leaving Pearson with a 25 percent holding in the publisher of classics like Jane Austen and blockbusters like James Patterson.

The sale values Penguin Random House at $3.55 billion and will close in September. The company will also undergo a recapitalization.

Pearson said it will make about $1 billion from the deal in the next year, with 300 million pounds ($390 million) going to shareholders.

Thomas Rabe, chairman and CEO of Bertelsmann, said his shareholders' earnings will increase by more than 60 million euros ($68 million) as a result of the deal.

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British publishing company Pearson will sell a 22 percent stake in New York-based Penguin Random House to its German co-owner, Bertelsmann.The sale will raise Bertelsmann's stake to 75 percent, leaving Pearson with a 25 percent holding in the publisher of classics like Jane...
EU,Britain,Penguin Random House
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2017-38-11
Tuesday, 11 July 2017 06:38 AM
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