Pearson and Bertelsmann have announced the completion of the joint venture between Penguin and Random House to create consumer publishing company Penguin Random House. Bertelsmann owns 53 per cent of the joint venture and Pearson owns 47 per cent.
Penguin Random House will have operations in the US, Canada, UK, India, South Africa, Australia, New Zealand, Spain, Mexico, Argentina, Uruguay, Colombia and Chile and employ over 10,000 people.
John Makinson is today stepping down from the Pearson board to take up his new full-time responsibilities as chairman of Penguin Random House.
Other senior board members include chief executive Markus Dohle and chief financial officer Coram Williams.
Commenting, chief executive of Pearson John Fallon said:
Penguin has been at the heart of Pearson for more than four decades and is deeply intertwined with our culture and operations. This combination creates a clear world leader with a strong platform for continued creative and commercial success in a rapidly-changing consumer publishing industry. This will be an excellent business and we will be active long-term partners in it.