Random House, Penguin Agree to Merge — Publishers Weekly

In a deal that had been months in the making, Pearson and Bertelsmann announced Monday morning that they have signed an agreement to form a joint venture that will combine the businesses of Random House and Penguin. The deal, which is expected to close in the second half of 2013, will make Penguin Group chairman John Makinson chairman of the newly named Penguin Random House company, while Random House chairman and CEO Markus Dohle will be CEO.

The partnership will be nearly 50/50, and publishers are confident this merger will be for the good of all. They say Random House and Penguin had similar publications, and this can only enhance their costs and models and business. The two publishing houses, even after the merger, would still like to remain distinct as best as possible for the employees.

…Wow.