Bertelsmann SE & Co. KGaA
Gütersloh / New York (ots)
- Book business will grow organically and through acquisitions
- Significant investment funds for the Boost strategy
Bertelsmann will drive the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster. As part of the global content strategy of the international media, services and education group, Penguin Random House will also grow significantly organically and through acquisitions in the coming years. A few weeks ago, the US District Court in Washington, DC, prohibited the planned merger of the two book publishing groups. Bertelsmann will not pursue the original plan to appeal the verdict after talks with Simon & Schuster shareholder Paramount Global.
Thomas Rabe, CEO of Bertelsmann, says: “The book business has been an identity for Bertelsmann for 187 years. This will not change in the future either: Penguin Random House is part of the global content strategy, one of our five strategic priorities. Bertelsmann is planning in annual growth of five to ten percent in this area – organically, but also through acquisitions. In total, Bertelsmann will invest between five and seven billion euros in the growth of its businesses in the coming years as part of its Boost Plan. Penguin Random House will also be making significant investments be available.”
Penguin Random House most recently generated record sales of four billion euros in the 2021 financial year. The global book publishing group employs around 10,000 people. Its 300 book publishers in 20 countries publish around 16,000 new publications every year. More than 700 million books are sold annually. In November 2020, Bertelsmann and Paramount Global (then Viacom CBS) announced plans to merge their global book businesses. While the UK Competition & Markets Authority (CMA) had already approved the transaction in May 2021, the US Department of Justice (DoJ) filed suit against the proposed merger in November 2021. The US District Court in Washington, DC, had granted this lawsuit on October 31, 2022.
Bertelsmann is a media, services and education company that is active in around 50 countries around the world. The group includes the entertainment company RTL Group, the book publishing group Penguin Random House, the music company BMG, the service provider Arvato, the Bertelsmann Printing Group, the Bertelsmann Education Group and the international fund network Bertelsmann Investments. With 145,000 employees, the company achieved sales of EUR 18.7 billion in the 2021 financial year. Bertelsmann stands for creativity and entrepreneurship. This combination enables first-class media offerings and innovative service solutions that inspire customers all over the world. Bertelsmann is pursuing the goal of climate neutrality by 2030.
Bertelsmann SE & Co. KGaA
Head of Communications Content / Corporate Communications
Phone: +49 5241 80-2466
Original content from: Bertelsmann SE & Co. KGaA, transmitted by news aktuell