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Bertelsmann to buy Bookspan
Bertelsmann has agreed to buy out Time Inc's interest in Bookspan, their book club joint venture that includes Book-of-the-Month Club. Bertelsmann will pay about $150m for the rest of Bookspan, according to people familiar with the matter, reports the Wall Street Journal.
The deal would leave Bertelsmann as the only major operator of book, music and DVD clubs in the US. It is one of a series of significant US media purchases by Bertelsmann. The acquisition follows Bertelsmann's 2005 purchase of the Columbia House music and DVD clubs for about $40m. The company bought Random House, the world's largest book publisher, in 1998.
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