PRH buys 45% stake in Sourcebooks

Sourcebooks has sold a 45% ownership stake to Penguin Random House to enable the American independent publisher to take a “broader and deeper approach to domestic and global markets”. The deal was announced on Thursday (22nd May) in the US by Dominique Raccah, Sourcebooks’ c.e.o. and founder, and Madeline McIntosh, PRH US c.e.o. and “will create a performance- and growth-oriented partnership between the two companies,” said PRH. “Sourcebooks retains its majority ownership of 55%, with no changes in its leadership, management, publishing autonomy, or entrepreneurial culture,” the statement reads. “Penguin Random House now owns 45%, as a collaborative investor in the Illinois-based company.” Terms of the deal were not disclosed. Read More