London: British publisher Pearson said on Tuesday it has agreed to sell almost half of its stake in Penguin Random House (PRH) to joint venture partner Bertelsmann. The 22% stake in PRH is being offloaded for $1.0 billion (€877 million), a Pearson statement said. The joint venture—billed as the world’s leading mass publisher—was created in 2013 by combining Pearson’s Penguin imprint with Bertelsmann’s Random House. Pearson also said it would continue to maintain a “significant” income stream from its remaining share in Penguin. Back in January, Pearson issued a gloomy profit warning that sent its share price tumbling—and said it would sell holdings in PRH.

Source: Mint July 11, 2017 11:26 UTC