Penguin and Random House Are Now One And The Same
It's not Halloween yet, but IT'S ALIVE!!!!
You've read the headline well. Penguin and Random House have merged. I don't want to bore you with the details, but parent companies Pearson and Bertelsmann have agree to a share that would make Bertelsmann 53% owner, leaving 47% to Pearson. They will also share the nominations of their administrative board. But more interesting is the statement made by Pearson's CEO, Marjorie Scardino:
This combination with Random House – a company with an almost perfect match of Penguin’s culture, standards and commitment to publishing excellence – will greatly enhance its fortunes and its opportunities. Together, the two publishers will be able to share a large part of their costs, to invest more for their author and reader constituencies and to be more adventurous in trying new models in this exciting, fast-moving world of digital books and digital readers.
That statement, combined with the merger being done in the wake of a rumor that News Corp. was going to make an offer for Penguin, is a reflection of how much the publishing landscape has changed over the last few years. The rise of eBooks and Amazon as a publisher has changed the game drastically, and this one of the first major consequences. They stated they're looking to be more adventurous in this exciting, fast-moving world of digital books, so it couldn't be any clearer they're looking to adapt and eventually catch up to the retail juggernaut. It's good news for us. Customers are always the winners when it comes to corporate competition.
To leave a comment