The U.S. Department of Justice (DOJ) has approved the proposed merger of Penguin and Random House "without conditions," according to a DOJ statement issued to their respective parent companies, Pearson and Bertelsmann.
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"We are very pleased that the U.S. Department of Justice has concluded its review and made a determination to clear the planned combination of Random House and Penguin without any conditions," said Thomas Rabe, chairman and CEO of Bertelsmann. "This positive first decision by one of the antitrust authorities is an important milestone on the path to uniting two of the world's leading publishing companies into a truly global publishing group."
Last October, Pearson and Bertelsmann announced their plan to unite the two houses. Joining Penguin and Random House was thought to help the merged company gain more traction in the digital book market.
"It will enable investments worldwide in new digital publishing models, in new distribution paths, products and services and in the major growth markets," Rabe said.
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SOURCE: Christian Retailing
Christine D. Johnson