Under the terms of the deal, the two will run a joint venture dubbed Penguin Random House, with Bertelsmann owning 53 percent, while Pearson will hold 47 percent.
The deal marks the first ever tie-up between any of the world’s six biggest publishers, yet such a move has been seen as an inevitability with experts pointing to the need for firms to adapt to changes within the market.
Although the joint venture is subject to regulatory approval, the two firms expect the deal to be completed before the end of 2013, creating a business with annual revenues of around £2.5 billion, based on the most recent results.
