The European Union has cleared the merger of publishers Random House and Penguin, saying it does not pose a risk to competition.
The EU said the merger “does not raise competition concerns, in particular because the merged entity will continue to face several strong competitors,” according to the AP.
As I reported last month, Random House and Penguin announced their merger last October and the U.S. Department of Justice approved it in February, followed by Australia and New Zealand. Random House’s parent company Bertelsmann would own 53 percent of the combined company, and Penguin parent company Pearson would hold 47 percent. Random House Penguin’s goal is to enter emerging markets and expand its digital business.
The merger awaits approval by Canada and China.
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