Leading Publishers Confirm Partnership

Pearson and Bertelsmann have confirmed they will create the world's largest consumer publishing organisation by combining Penguin and Random House.

Penguin, the famous publishing brand, and Random House, the leading English language publisher in the US and the UK, will combine their businesses in a newly-created joint venture named Penguin Random House.

Bertelsmann will own 53% of the joint venture and Pearson 47%.

John Makinson, currently chairman and chief executive of Penguin, will be chairman of Penguin Random House and Markus Dohle will be its chief executive.

The companies said the combination means readers "will have access to a wider and more diverse range of content in multiple print and digital formats".

In 2011, Random House reported revenues of £1.48bn, whilst Penguin reported revenues of £1bn.

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