Penguin Random House merger given China go-ahead

The Penguin Random House merger could go ahead next month following its clearance without conditions by Chinese regulatory agency MOFCOM.

In an email to staff today (3rd June), Markus Dohle, chairman and chief executive of Random House, said he welcomed the latest clearance, adding: "We look forward to future publishing opportunities in China." Dohle said that the territorial regulatory clearance process was now complete although there were still "additional considerations" that would determine exactly when the two companies merge.

"Among the most important is the ongoing integration planning at Random House and Penguin that will bring together our businesses without disruption," he said. "This shared goal is what our cross-company teams are collaboratively working toward in their efforts to prepare for day one and thereafter, when the process will greatly expand for all of us to build our new company together"

He added: "We are confidently on a path to do this with a potential closing of the transaction in July."

Dohle told staff: "Thank you for your hard work.  Whether you're part of integration planning or you're focused on our core purpose-to maximise the reach of our authors and their books-I'm grateful for your creativity, dedication, and commitment to excellence."

The proposed merger has already been cleared by regulatory bodies in the US, UK, EU, Australia and New Zealand. The completion of the merger was previously estimated at "no later than the third quarter" of this year.