PENGUIN and Random House have wrapped up their merger, in a deal that creates the world’s biggest book publisher.
Pearson and Germany’s Bertelsmann, which owned Penguin and Random House respectively, made the deal last year but it has taken months to win regulatory approval around the world.
John Fallon, Pearson’s chief executive, said: “This combination creates a clear world leader with a strong platform for continued creative and commercial success.”
Bertelsmann and Pearson, which own 53 per cent and 47 per cent of New York-based Penguin Random House between them, pointed to synergies that emerged. However, the real driver behind the deal is understood to be the creation of a behemoth that can stand toe-to-toe with Amazon, whose dominance has become a worry for publishers.