Four top international law firms have scored lead roles on the merger between book publishers Penguin and Random Housea deal that would create the worlds largest consumer publishing organization, with a reported value of $3.8 billion (£2.4 billion).
The agreement, which was announced Monday, calls for Penguin and Random House to combine their businesses in a newly created joint venture named Penguin Random House. German multinational media company Bertelsmann SE & Co. KGaA, which owns Random House, will control 53 percent of the joint venture, while U.S.based Pearson plc, which owns Penguin, will control the remaining 47 percent. The joint venture will not include Bertelsmanns trade publishing business in Germany, and Pearson will retain rights to use the Penguin brand in educational markets worldwide.
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