Penguin and Random House Merger Completed
M&A's are common in the business world, and the publishing world is no exception. The traditional "big six" has just been slashed to five with the merger of Penguin (Pearl) and Random House (Bertalsman). What does it all mean? John Makinson is chairman of Penguin Random House and Markus Dohle, serving as CEO says,
"As outlined by its parent companies, PRH will have over 10,000 employees worldwide and publish more than 15,000 new titles every year across 250 imprints. It is estimated that the new trade publishing powerhouse will have annual revenue of $3.9 billion."
One can't help but think this is a move to better compete with Amazon and the nexus between online sales, online publishing and self-publishing trends in sales and marketing. Advocates from either corporate side had two tongue-in-cheek ideas for the merger's new corporate name depending on their stripe: Random Penguin or Penguin House. Let's see how things look when the dust settles.
July 01, 2013