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Pearson to raise $1 bn via Penguin Random House stake sale to Bertelsmann

This is the British group's latest bid to rebuild following a string of profit warnings

Reuters  |  London 

Pearson is set to raise $1 billion from the sale of a 22 per cent stake in book publisher Penguin Random House to majority owner Bertelsmann, in the British group's latest bid to rebuild following a string of profit warnings. Hit by a sharp downturn in its biggest markets, Pearson has sold off some of its best known assets in recent years including the Financial Times and the Economist to enable it to invest in its core business of education. The 173-year-old group said on Tuesday it would now reduce its stake in the world's biggest consumer book publisher to 25 per cent ...

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First Published: Tue, July 11 2017. 18:35 IST
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