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Penguin and Random House merger approved

  • A proposed merger of Penguin and Random House has been given the green light by the European Commission.

    Brussels said the merged business, which will be the world's largest book publisher, would not raise concerns over competition as it will "face several strong competitors".

    Random House's German parent company, Bertelsmann, will own 53 percent with Pearson, Penguin's owner, holding the remaining 47 percent.

    The merger was announced last October.

    U.S. competition authorities had already approved the deal in February.

    The merger is expected to be completed in the second half of this year. The business will be called Penguin Random House.