This past week, Pearson, the owner of Penguin for the last half-century, jettisoned its remaining stake in Penguin Random House—the book publishing joint venture it formed six years ago with Bertelsmann, the German media group. According to an article in MSN Money, End of an era for book publisher Penguin: The company originally owned 47%…
I hadn’t heard of the sale myself. Interesting note is how little they sold the remaining share to the same company compared to how much they sold a slightly smaller share to the same company. Granted it’s using 2017 in USD and the sale this year in GBP (£). Today GBP rate is about $1.32 to £1 (GBP).
It sold a 22% stake in the business to Bertelsmann, its joint venture partner, for $1bn in July 2017.
Today it sold its remaining 25% stake in the publisher, again to Bertelsmann, for £530m.