Penguin Random House
Penguin Random House LLC is an Anglo-American multinational conglomerate publishing company formed on July 1, 2013, with the merger of Penguin Books and Random House.[2][3] Penguin Books was originally founded in 1935[4] and Random House was founded in 1927.[5] It has more than 300 publishing imprints. Along with Simon & Schuster, Hachette, HarperCollins and Macmillan Publishers, Penguin Random House is considered one of the 'Big Five' English language publishers.
Company type
July 1, 2013
Worldwide
- Nihar Malaviya (CEO)
- Thomas Rabe (Chairman)
- Madeline McIntosh (former CEO, PRH US)
- Jim Johnston (CFO)
Books
€4 billion (2021)
10,000 (as of July 1, 2013)
On April 2, 2020, Bertelsmann announced the completion of its purchase of Penguin Random House, which had been announced in December 2019, by buying Pearson plc's 25% ownership of the company. With the purchase, Bertelsmann became the sole owner of Penguin Random House. Bertelsmann's German-language publishing group Verlagsgruppe Random House will be completely integrated into Penguin Random House, adding 45 imprints to the company, for a total of 365 imprints.[6]
As of 2021, Penguin Random House employed about 10,000 people globally and published 15,000 titles annually under its 250 divisions and imprints.[7] These titles include fiction and nonfiction for adults and children in both print and digital. Penguin Random House comprises Penguin and Random House in the United States, the United Kingdom, Canada, Australia, New Zealand, Portugal, and India; Penguin in Brazil, Asia and South Africa; Dorling Kindersley worldwide; and Random House's companies in Spain, Hispanic America, and Germany.[8][9]
On November 25, 2020, The New York Times reported that Penguin Random House was planning to purchase Simon & Schuster from Paramount Global for $2.175 billion.[10] However, on November 2, 2021, the U.S. Department of Justice sued to stop the deal on antitrust grounds, a suit that eventually succeeded on October 31, 2022.[11][12] The deal formally collapsed on November 22, 2022.[13]
History[edit]
Penguin Random House was formed on July 1, 2013 by Markus Dohle upon the completion of a £2.4 million transaction between Bertelsmann and Pearson to merge their respective trade publishing companies, Random House and Penguin Group. Bertelsmann and Pearson, the parent companies, initially owned 53% and 47%, respectively.[14] Jane Ciabattari of Library Journal has referred to this merger as the publishing industry's response to the increasing dominance of Amazon.com in the book market.[15]Dohle was named CEO of the new company, which had more than 10,000 employees worldwide with more than 250 imprints and publishing houses and a publishing list of more than 15,000 new titles a year.[7][9][16] Penguin Random House relaunched Book Country, Penguin's online writing community, on July 29, 2013.[17] On September 24, 2014, Random House Studio signed a first-look production deal with Universal Pictures, under which Random House would be the producer of films based on Penguin Random House books. The Universal subsidiary Focus Features has frequently collaborated with Random House Films.[18] Having previously created Puffin Rock animation, Richard Haines was chosen to head Penguin Random House Children's TV development strategy with the assistance of licensing, publishing, and TV development executive Emily Campan.[19]
In November 2015, Pearson announced it would rebrand to focus on its education division.[20] On July 11, 2017, Pearson sold 22% of its stake in the business to Bertelsmann, thereby retaining a 25% holding.[21][22] On December 18, 2019, Bertelsmann agreed to acquire Pearson's 25% stake in Penguin Random House,[23] making it a wholly owned subsidiary of Bertelsmann. The sale was completed on April 2, 2020.[6] In June 2020, Penguin Random House became part of a group of publishers who sued the Internet Archive, arguing that its collection of e-books was denying authors and publishers revenue and accusing the library of "willful mass copyright infringement".[24][25]
On November 25, 2020, Penguin Random House agreed to purchase American publisher Simon & Schuster from ViacomCBS for $2.175 billion, with a formal regulatory approval process to follow the purchase agreement.[26] On November 2, 2021, the US Justice Department filed a civil antitrust lawsuit to block Penguin Random House's proposed acquisition of Simon & Schuster, alleging that the acquisition would create a publisher with too much influence over books and author payments.[27] On November 21, 2022, Penguin Random House officially scrapped the deal. As a result, it was to pay a $200 million termination fee to the recently-rebranded Paramount Global.[28] Simon & Schuster would instead be sold to Kohlberg Kravis Roberts on October 30, 2023.
Subsidiaries[edit]
Book Country[edit]
Book Country was a subsidiary online writing and publishing community.[52] Book Country was launched in April 2011 with a focus on romance, mystery, science fiction, fantasy. On July 29, 2013, Book Country relaunched with online writing workshops in more than 60 literary categories, including literary fiction, memoir, and women's fiction.[17] As of September 2013, the site had more than 10,000 members.[53] As of November 2020, the site is no longer operational.