|Weekly News Digest
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Penguin Random House Merger Finalized
The leadership team for the new company Penguin Random House was announced this week as the merger between parent companies Bertelsmann, which owns 53% of the company, and Pearson, which owns 47%, was finalized. The merger was approved over the past few months by the governments of the U.S., New Zealand, Australia, the European Commission, Canada, South Africa, and China. Penguin Random House will have 10,000 employees worldwide for its 250 imprints and publishing houses, with annual publication of 15,000 titles.
Random House chairman and CEO Markus Dohle becomes CEO of Penguin Random House, and John Makinson, Penguin Group’s CEO, becomes chairman of Penguin Random House. Dohle notes that “Penguin and Random House officially unite to create the first truly global trade book publishing company. … Connecting authors and readers is, and will be, at the heart of all we strive to accomplish together.”
Other new appointments include Penguin Group’s former CFO Coram Williams as CFO of Penguin Random House and head of Author Solutions; David Shanks, former Penguin Group CEO, as senior executive advisor to Dohle; and former Random House COO Madeline McIntosh as president and COO of Penguin Random House.
Canada’s former Random House president and CEO Brad Martin will be CEO of Penguin Random House in Canada and Tom Weldon, former Penguin Group U.K. CEO, will be CEO of Penguin Random House in the U.K.
The Penguin Random House Global Executive Committee was formed to work with Dohle on company strategy, operations, and priorities.
The new company’s headquarters are in New York City.
Source: Random House
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