14th Sep 2015 05:54
LONDON (Alliance News) - The chief executive of education and publishing company Pearson PLC has said the company intends to keep hold of its stake in book publisher Penguin Random House until at least 2017, Bloomberg reported.
Speaking to Bloomberg TV, John Fallon said Pearson is unlikely to exercise its option to sell its 47% stake in the publisher. It will be able to sell the stake as early as next month under its agreement with Bertelsmann AG, the German publisher which owns the other 53% of the business.
"It's most unlikely that we'll exercise the option at this time," Fallon said. "The business is doing well, and we are one year away from achieving peak synergies."
http://www.bloomberg.com/news/articles/2015-09-11/pearson-plans-to-keep-penguin-random-house-until-2017-ceo-says
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Pearson