Pearson will not sell PRH stake until 2017

Pearson will not sell PRH stake until 2017

Pearson is to keep its stake in Penguin Random House until at least 2017, its c.e.o. John Fallon has said.

The company owns 47% of the publishing company, with the other 53% owned by Bertelsmann.

In an interview with Bloomberg TV Fallon said it was “unlikely” that Pearson would exercise its option to sell its stake “at this time”.

“The business is doing well, and we are one year away from achieving peak synergies,” he said.

Pearson is allowed to sell its share in Penguin Random House to Bertelsmann next month, on the third anniversary of its agreement with Bertelsmann. The companies announced the merger of Penguin Random House in October 2012, with the deal completed in July 2013.

Earlier this month Bertelsmann c.e.o. Thomas Rabe said the company could "imagine" raising its stake in Penguin Random House, but that the decision was up to co-owner Pearson.

Pearson has recently sold both The Economist Group and the FT Group.

Last week Bertelsmann announced it had created a new education unit to help it expand its education activities.