This is from the SCBWI website. Definitely the biggest news of the year, and we’re only a few weeks in.
Two of the largest book publishers — Penguin and Random House,- are planning to merge into the world’s largest publisher in a deal announced Monday.
If approved by government regulators, the merger would combine the two publishers’ parent companies, the British-owned Pearson and the German-owned Bertelsmann.
The new joint venture would publish about 25% of all books in the U.S.What this merger means for readers and authors isn’t as clear.
Under the terms of the agreement, Penguin and Random House will combine their businesses in a joint venture named Penguin Random House. Bertelsmann will own 53%, Pearson 47%.
John Makinson, currently chairman and chief executive of Penguin, will be chairman of the new firm; Markus Dohle, currently chief executive of Random House, will be its chief executive.
We will keep you apprised of developments on this record breaking deal.