Random House & Penguin Sign Merger Agreement, Scuttling a News Corp offer to buy Penguin

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Random House & Penguin Sign Merger Agreement, Scuttling a News Corp offer to buy Penguin

Oct 29 2012

In a deal that had been months in the making, Pearson and Bertelsmann announced Monday morning that they have signed an agreement to form a joint venture that will combine the businesses of Random House and Penguin. The deal, which is expected to close in the second half of 2013, will make Penguin Group chairman John Makinson chairman of the newly named Penguin Random House company, while Random House chairman and CEO Markus Dohle will be CEO.

The deal scuttles a News Corp. 1 billion UK pounds ($1.62 billion) offer to buy Penguin that News Corp.'s Times of London said yesterday was going to be made this week. Such a deal would have combined Penguin with News Corp.'s HarperCollins and would have been an outright purchase.

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