Pearson picks up $1bn from Penguin – but no treat for investors | Nils Pratley

The education business sold nearly half its stake in the publisher to Bertelsmann, but much of the proceeds will be reinvestedPearson is still going to own a quarter of Penguin Random House, so it’s not too late to hope that it can learn to tell a story like it is. Please, drop this bland corporate talk about “rebasing” the dividend. The cut in the offering is from 52p to 17p a share, or thereabouts, which is too severe to dress in neutral language. Pearson’s status as an investment one might wish to own for income is about to be obliterated.The shame is that Pearson’s sale of a 22% stake in PRH has been secured on terms that look respectable, at least in circumstances where there was only one possible buyer – German media group Bertelsmann, which owns 53% to Pearson’s current 47%. Pearson will collect $1bn (£778m) in cash, via a combination of the sale of the stake and a dividend, in a transaction that values PRH at about seven times its top-line earnings. That valuation feels roughly right, which is why Pearson’s shares initially rose. Related: Pearson sells slice of Penguin for $1bn Continue reading... Continue reading at 'The Guardian'

[ The Guardian | 2017-07-12 00:00:00 UTC ]
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Penguin Books pre-empts YA thriller from 'astounding new voice'

Penguin Books has pre-empted What Beauty There Is by Cory Anderson, a YA debut about "beauty, brutality and broken people trying to survive", branded "a masterpiece of a thriller". Continue reading at The Bookseller

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PW Picks: Books of the Week, December 11, 2020

The books we love coming out this week include new titles from C.M. Waggoner, Eley Williams, and Kwei Quartey. Continue reading at Publishers Weekly

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Comscore's new investors will leave once embattled company is 'essentially debt free'

CEO Bill Livek alludes to bigger, but debt-laden, rival Nielsen with analogy to how Netflix overtook Blockbuster. Continue reading at Advertising Age

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Child's Play picks up two more from Romani author Richard O’Neill

Independent publisher Child's Play will publish two more picture books by Romani author Richard O’Neill, as part of his Romani Tales series.  Continue reading at The Bookseller

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Angry Robot picks up Pratt's Kickstarter novella collection

Angry Robot has acquired its first novella collection from Hugo Award-winning American author Tim Pratt after seeing the author's Kickstarter campaign for the project.  Continue reading at The Bookseller

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BA picks Thorogood mystery for Fiction Book of the Month

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Brinkhurst-Cuff curates Black Joy collection for Penguin

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Tahir joins S&S from Penguin General

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Visa picks W+K, and Facebook wrangles anti-vaccine lies: Friday Wake-Up Call

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Penguin Michael Joseph acquires two more from Keane

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Let an Indie Bookseller Pick the Best Book Subscription for You

Missing the recommendations of your favorite independent booksellers? Let a bookseller choose your next read through these subscription boxes. Continue reading at Book Riot

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Penguin Random House Schuster: a new promised land

Can Penguin Random House swallow Simon & Schuster while remaining good citizens? Continue reading at The Bookseller

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Penguin Random House to purchase Simon & Schuster in massive publishing deal

ViacomCBS has announced plans to sell Simon & Schuster to publishing giant Penguin Random House LLC for a whopping $2.18 billion next year. Continue reading at Los Angeles Times

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Penguin to buy Simon & Schuster, create publishing giant

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Penguin Random House to Buy Simon & Schuster

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Penguin Random House To Buy Simon & Schuster

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Penguin Random House is buying Simon & Schuster. That’s bad for readers.

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Ebury picks up 'luminous' Jehovah’s Witnesses memoir

Ebury Press will publish Ali Millar's debut memoir The Last Days, which will recount the author’s experience growing up as part of the Jehovah’s Witnesses. Continue reading at The Bookseller

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