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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Book Club Picks for March 2023

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PRH Among New Investors in Rebel Girls

Rebel Girls, the media company whose mission is to instill confidence in girls, raised $8 million in a new funding round, with Penguin Random House its lead investor. Continue reading at Publishers Weekly

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PW Picks: Books of the Week, March 6, 2023

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Penguin Random House Announces New Leadership After a Turbulent Period

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Penguin Random House’s Nihar Malaviya Announces Reorganization

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Pearson Airport to limit flights during peak hours ahead of March Break, summer travel season

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Ozy founder Carlos Watson repeatedly lied to and deceived investors and lenders, according to his indictment

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Penguin to publish 'classic' Roald Dahl books after backlash

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Penguin to publish 'classic' Roald Dahl books after backlash

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Penguin Random House’s All Ways Black Collective Battles Book Bans

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The departure of Madeline McIntosh, who has led the country’s largest book publisher since 2018, is the latest shake-up for the company during a turbulent period. Continue reading at The New York Times

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