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Despite overtures from News Corp over the weekend Pearson PLC (LSE:PSON) announced the betrothal of its daughter, Penguin Group, to Random House, the son of German publisher Bertelsmann SE. The marriage is expected to take place in September 2013, but a precise date has not been set.
According to the pre-nuptual agreement, the couple will begin life together as a joint venture with the parents committed to investing three solid years of guidance and commitment with the Bertelsmann’s making a 53% commitment and with the Pearsons committing to the remaining 47%.
The new couple, bring together a unique blend of commercial and creative success that portends a strong marriage that is destined to stand the test of time. The new couple will operate under the oversight of a board of directors, five of whom will be appointed by the Bertelsmanns and 4 of whom will be designates of the Pearsons. The union will be “the world’s first truly global consumer publishing company.”
The families are appointing personal assistants to the new couple. The Pearson family has appointed John Makinson, who is currently Penguins Chairman and CEO as Chairman of Penguin Random House whilst Markus Dohle, who has been CEO of Random House, will be the CEO of Penguin Random House.
Pearson CEO Marjorie Scardino said: “Penguin is a successful, highly-respected and much-loved part of Pearson. This combination with Random House – a company with an almost perfect match of Penguin’s culture, standards and commitment to publishing excellence – will greatly enhance its fortunes and its opportunities.”
Bertelsmann Chairman & CEO Thomas Rabe stated that, “With this planned combination, Bertelsmann and Pearson create the best course for new growth for our world-renowned trade-book publishers, to enable them to publish even more effectively across traditional and emerging formats and distribution channels.”
The couple are already preparing a guest list which, according to rumors, will include current authors John Grisham, Toni Morrison, E.L. James, Patricia Cornwell, Junot Diaz and Tom Clancy, to name just a few. Once the ceremony is over, the family of successful authors will be on of the largest in the world. No mention of Will and Kate on the guest list as of yet.
About the only at the point that could tear this couple apart would be the persistent overtures of News Corp or other potential suitors that might attract the bride’s attention with highly lucrative takeover bids.
For the moment the prospects for the marriage appear to be very good, but there have been broken engagements before.
