News Corp interested in Penguin

Monday, 29 October 2012 Books+Publishing

HarperCollins parent company News Corporation has indicated it is interested in acquiring Penguin, reports the Sunday Times.

News Corporation chairman and chief executive Rupert Murdoch is reported to have indicated that he will make a ‘substantial cash offer’ of around £1 billion (A$1.55 billion) for the Pearson-owned company. The Sunday Times reports that Pearson chairman Glen Moreno will take the offer to the company’s directors this week.

The news follows confirmation from Pearson last week that it is in talks with Bertelsmann over ‘a possible combination of Penguin and Random House’. Pearson said in a statement on 25 October that the two publishers ‘have not reached agreement and there is no certainty that the discussions will lead to a transaction’.

As previously reported by Bookseller+Publisher, News Corporation announced plans to split its publishing and entertainment assets in June. A spokesperson for HarperCollins Australia and New Zealand confirmed to Bookseller+Publisher at the time that there will be no changes for the local operations following the split.

Category: Local news