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Bertelsmann CEO sees Random House stake at 70-75 pct -Spiegel
March 10, 2017 / 5:00 PM / 9 months ago

Bertelsmann CEO sees Random House stake at 70-75 pct -Spiegel

FRANKFURT, March 10 (Reuters) - German media group Bertelsmann expects to raise its stake in its Random House joint venture with Pearson to between 70 and 75 percent and will find a long-term partner if necessary for the rest, its chief executive told Der Spiegel.

Britain’s Pearson - which currently owns 47 percent of Random House, the world’s biggest general-interest publisher - said in January it may seek to sell its stake after a massive profit warning.

Bertelsmann CEO Thomas Rabe told Der Spiegel: “I expect we will raise our stake to 70 or 75 percent as long as the conditions are right.”

He said any partner for the remaining stake would need to take a long-term view. “Interest is high but we don’t want a partner who would soon head out of the door again,” he said.

“There are many institutional investors like pension funds or family trusts who think long-term.” (Reporting by Georgina Prodhan; Editing by Maria Sheahan)

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