BERLIN -- German media group Bertelsmann says it is taking full control of its Spanish language books division ahead of the planned tie-up of its Random House unit with Britain's Penguin Books.
Bertelsmann said Monday it is purchasing the 50 per cent stake that Italian publishing house Mondadori holds in their Spanish-language joint venture. It says the takeover will strengthen its position in emerging markets in South America.
Mondadori said Bertelsmann will pay C54.5 million for the stake. The joint venture's 2011 revenue totalled C110 million.
The merger between Pearson PLC's Penguin Books and Bertelsmann SE's Random House announced last week will create the world's largest publisher of consumer books, with around a quarter of the market. Bertelsmann is set to own a controlling 53 per cent share of the joint venture.
