Murdoch’s News Corp makes ‘1 bn pound cash offer’ to buy Penguin
London: Media tycoon Rurpert Murdoch has reportedly planned to pour cold water on Penguin’s proposed merger with Random House by making a one billion pound cash offer for the book publisher.
The head of the News Corporation, which owns the rival HarperCollins, has indicated his interest in Penguin to the directors of Pearson, the publisher’s parent company.
Glen Moreno, chairman of Pearson, will formally put News Corp’s approach to the board this week, the Telegraph reports.
Murdoch’s intervention comes after Pearson confirmed it was in talks with Bertelsmann, the German media company, which owns Random House, over plans to merge their publishing businesses.
According to the paper, Murdoch is expected to argue that a merger of Penguin and HarperCollins would face fewer regulatory hurdles, particularly regarding competition.