Random House parent company Bertelsmann and Penguin parent company Pearson announced Monday that the merger of the two publishers is complete, thus resulting in the world’s largest book publisher: Penguin Random House.
The merger follows approval by the U.S., Canada, the EU, Australia, New Zealand and China.
Random House CEO Markus Dohle will serve as CEO of Penguin Random House; Bertelsmann owns 53 percent of the combined company, and Penguin owns 47 percent. Combined, the companies publish over 15,000 books annually and have 10,000 employees, with revenues of $3.9 billion.
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One of the combined company’s goals is to advance in the digital and emerging ebook markets. “Together, we can and will invest on a much larger scale than separately in diverse content, author development and support, the publishing talent, the entire spectrum of physical and digital book acquisitions, production, marketing, and distribution, and also in fast-growing markets of the future,” Bertelsmann CEO Thomas Rabe said in a statement. “We are accelerating the transformation to digital and leveraging the entire range of possibilities it offers. We also are promoting regional growth, especially in the emerging markets of China, India, and Brazil.”