European media giant Bertelsmann (BTGGg.F) is looking for a private equity partner to help it buy the rest of publisher Penguin Random House should co-owner Pearson (PSON.L) want a swift exit from the business, three sources told Reuters.In the words of former President Bush:
Privately owned Bertelsmann controls 53 percent of the publisher of bestsellers such as the Fifty Shades series and Lee Child’s Jack Reacher thrillers.
Announced in 2012, the venture brought together two of the biggest names in book publishing, with the Penguin imprint and logo a familiar sight on bookshelves around the English-speaking world.
Pearson and Bertelsmann initially committed to holding their shares for at least three years and each partner has the right of first refusal thereafter should one want to sell.
They also agreed that from five years after completion of the deal either partner can require an initial public offering (IPO) of the publisher....MORE
“There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again.”