EU approves Penguin, Random House merger deal
The European Commission has approved the proposed merger of book publishers Penguin and Random House.
London: The European Commission has approved the proposed merger of book publishers Penguin and Random House.
Brussels said the merged business would not raise competition concerns, because it will "face several strong competitors".
According to the BBC, Random House''s German parent firm, Bertelsmann, will own 53 percent of the new venture, with Pearson, Penguin''s owner, controlling the remaining 47 percent.
The merger is expected to be completed in the second half of this year, and the business will simply be called Penguin Random House.
The merger was announced last October, the report said.
US competition authorities had already cleared the deal in February, it added.