Penguin, Random House Link Up Amid News Corp. Bid Rumors

Law360, New York (October 29, 2012, 2:51 PM EDT) -- Media conglomerates Pearson PLC and Bertelsmann SE & Co. KgaA agreed to combine publishing houses Penguin Books and Random House Inc., the companies announced Monday, amid rumors that News Corp. was preparing a competing offer for Penguin.

Under the terms of the deal, no cash or shares will change hands, per se, a Bertelsmann spokesman with British communications firm Maitland told Law360 on Monday. Rather, U.K.-based Pearson and Germany’s Bertelsmann will pool their publishing assets to create a new publishing joint venture, Penguin Random House, in...
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