As of April 1, Bertelsmann finalized their purchase of Pearson’s remaining 25 percent share of the Penguin Random House joint venture, for $675 million. (As a reminder, the enterprise value of that minority stake, including PRH’s debt, is $917.5 million.) Having paused a share buyback program that aimed to return some of that money to shareholders after spending £167 million, Pearson now says it “will retain the proceeds from the disposal…to further strengthen our short-term financial position” during the current crisis. Pearson previously held two seats on the PRH board, which are likely to be placed or retired. For now, […]
