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Bertelsmann and Pearson on Monday signed the final contracts to combine the worldwide publishing activities of Random House and Penguin Group.
The company said Gaurav Shrinagesh will be CEO of Penguin Random House India.
The transaction completes the formation of Penguin Random House, announced on October 29 last year. Bertelsmann will own 53 per cent and the balance 47 per cent will be held by Pearson. Bertelsmann has appointed five representatives to the combined entity’s board and Pearson four.
Penguin Random House will be comprise all of Random House and Penguin Group’s publishing divisions and imprints in the US, Canada, UK, Australia, New Zealand, and India, as well as Random House’s publishers in Spain and Latin America, and Penguin’s trade publishing activity in Asia and South Africa.
The world headquarters of the private company will be in New York City. Penguin Random House will employ more than 10,000 people worldwide across almost 250 imprints, and will generate annual revenues of approximately €3 billion (£2.5 billion, $3.9 billion).
Munich-based Verlagsgruppe Random House, the German-language publishing group, will remain at Bertelsmann, outside the new company.
€16.1 billion Bertelsmann, an international media company, has interests in television, book publishing, magazine publishing, services, and printing in some 50 countries.
jayanta.mallick@thehindu.co.in
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