![]() When founded, Bertelsmann owned 53% of the joint venture while Pearson owned 47%. The merger was completed on July 1, 2013, and the new company is Penguin Random House. In October 2012, Bertelsmann entered into talks with rival conglomerate Pearson plc, over the possibility of combining their respective publishing companies, Random House and Penguin Group. It is one of the largest English-language publishers, along with the group formerly known as the "Big 6", now known as the "Big Five". The company also creates story content for media including video games, social networks on the web, and mobile platforms. Random House also has an entertainment production arm for film and television, Random House Studio one release in 2011 was One Day. There were layoffs in the Doubleday imprint (now part of Knopf Publishing Group) and Dial Press, Bantam Dell, and Spiegel & Grau were moved from Doubleday over to the Random House imprints. Susan Kamil was named editorial director for Dial Press and editor-in-chief of Random House imprints reporting to Gina Centrello, the president and publisher of the Random House Publishing Group. The reorganization consolidated and created three divisions-Random House Publishing Group, Knopf Doubleday Publishing Group and Crown Publishing Group. In early December 2008, which became known as Black Wednesday in publishing circles, many publishers including Random House took steps by restructuring their divisions and laying off employees. īy October of that year, Doubleday, a division of Random House, announced that they would lay off 16 people or about 10% of its workforce. In May 2008, Random House CEO Peter Olson stepped down and Bertelsmann replaced Olson with Markus Dohle. Coinciding with the 2007–2008 financial crisis, the publishing industry was hit hard with weak retail sales. A publishing insider commented that then CEO Peter Olson was, "I think maybe instead of buying a company he bought a person." Random House reentered the distribution business in 2003. Grann was the CEO for Putnam and had grown that house from $10 million in revenue in 1976, to more than $200 million by 1993 and without increasing their title output. Grann joined Random House as vice-chairman in 2001. In 1999, Random House sold its distribution division. In 1999, Random House acquired the children's audiobook publisher Listening Library. In 1998, Bertelsmann AG bought Random House and merged it with Bantam Doubleday Dell and it soon went global. ![]() Also in 1988, McGraw-Hill acquired Random House's Schools and Colleges division. In 1988, Random House acquired Crown Publishing Group. Random House began publishing audiobooks in 1985. RCA sold Random House to Advance Publications in 1980. Random House acquired the paperback book publisher Ballantine Books in 1973. In 1965, RCA bought Random House as part of a diversification strategy. and Beginner Books were acquired by Random House in 1960, followed by Pantheon Books in 1961 works continue to be published under these imprints with editorial independence, such as Everyman's Library, a series of classical literature reprints. This move drew other publishing companies, such as Simon & Schuster, to later go public. In October 1959, Random House went public at $11.25 a share. Random House entered reference publishing in 1947 with the American College Dictionary, which was followed in 1966 by its first unabridged dictionary. Random House also hired editors Harry Maule, Robert Linscott, and Saxe Commins, and they brought authors such as Sinclair Lewis and Robert Penn Warren with them. ![]() In 1936, it absorbed the firm of Smith and Haas-Robert Haas became the third partner until retiring and selling his share back to Cerf and Klopfer in 1956-which added authors including William Faulkner, Isak Dinesen, André Malraux, Robert Graves, and Jean de Brunhoff, who wrote the Babar children's books. Ulysses transformed Random House into a formidable publisher over the next two decades. In 1934, they published the first authorized edition of James Joyce's novel Ulysses in the Anglophone world. Cerf is quoted as saying, "We just said we were going to publish a few books on the side at random", which suggested the name Random House. Random House was founded in 1927 by Bennett Cerf and Donald Klopfer, two years after they acquired the Modern Library imprint from publisher Horace Liveright, which reprints classic works of literature. It is part of Penguin Random House, which is owned by German media conglomerate Bertelsmann. It has several independently managed subsidiaries around the world. Random House is an American book publisher and the largest general-interest paperback publisher in the world.
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