Random House and Penguin Publishers complete the merger

Penguin and Random House announced yesterday that the merger of the two sides has been formally completed. The new Penguin Bookstore will control more than 25% of the U.S. book market share. Prior to the Penguin Press and Random House belong to Pearson Group and Bertelsmann, last October, the two sides reached a merger, the new company was named Penguin Random House, Bertelsmann has a 53% stake in the company, and nominated 5 directors to the board, Pearson owned 47% Stake, and nominated 4 directors. Starting last year, the deal was approved by antitrust agencies such as the US, the European Union, Canada and New Zealand. At the beginning of last month, the Chinese Ministry of Commerce approved the final hurdle for the merger. The new company has more than 10,000 employees, 250 independent publishers and a 3.9 billion dollar annual income, roughly estimating its book market share of more than 25%.