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US/UK: Penguin, Random House union official

 |  July 3, 2013

Eight months after its announcement, the merger between top publishers Penguin and Random House is official, resulting in a new company called Penguin Random House. According to reports, the new company now dominates more than one-fourth of the publishing markets throughout the UK and US; PRH expects $3.9 billion in annual revenues. Random House owner Bertelsmann controls 53 percent of the new conglomerate, while Penguin owner Pearson owns the remaining 47 percent. CEO Markus Dohle said in an email statement to various book agents that the union will be “gradual” in order to allow the new company to gradually learn how operate most efficiently going forward.

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