The intense M&A activity from 2013 and 2014 carried over into 2015, though the sale of domestic trade publishers was modest, so the common perception was of fewer mergers. In trade, the biggest deal might be the one that never happened. Up until the end of the summer, it was widely expected that Pearson would exercise their option to have Bertelsmann buy out their 47 percent share in Penguin Random House. Instead, Pearson raised cash by selling the Financial Times and then their share in The Economist, and a sale to Bertelsmann — whether outright, or in the “steps” that Bertelsmann […]