Sellected by the AMICOR Maria Inês Reinert Azambuja
By ERIC PFANNER and AMY CHOZICK
Published: October 30, 2012
PARIS - The book publishing industry is starting to get smaller in order to get stronger.
The announcement on Monday that Random House and Penguin would merge narrows the business to a handful of big publishers, and could set off a long-expected round of consolidation as the industry adapts to the digital marketplace.
John Makinson, the chief executive of Penguin who will serve as chairman of the new company, said that with consolidation inevitable, "we decided it was better to get in early rather than be a follower."
In announcing the agreement, the European owners of Random House and Penguin - Bertelsmann and Pearson, respectively - said Bertelsmann would control 53 percent of the combined entity and Pearson 47 percent. In a statement, Bertelsmann said the deal would most likely conclude in the second half of 2013, after approval from regulators.
The merger will create the largest consumer book publisher in the world, with a global market share of more than 25 percent and a book list that includes contemporary best-sellers like Random House's "Fifty Shades of Grey" and Penguin's backlist of classics from authors like George Orwell./.../
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