Bertelsmann says open to raising stake in Penguin Random House
Reuters
Published Jan 18, 2017 07:43
Bertelsmann says open to raising stake in Penguin Random House
FRANKFURT (Reuters) - German media group Bertelsmann may raise its stake in book publisher Penguin Random House, its joint venture with Britain's Pearson (LON:PSON), it said on Wednesday after Pearson said it intended to issue an exit note.
"We are open to increasing our stake in Penguin Random House, provided the financial terms are fair," Bertelsmann Chief Executive Thomas Rabe said in a statement.
"Strategically this would not only strengthen one of our most important content businesses, it would also once further strengthen our presence in the United States, our second largest market," he added.
Bertelsmann and Pearson combined their book-publishing businesses in 2013. Bertelsmann holds 53 percent of the joint venture and Pearson 47 percent.
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Written By: Reuters
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