Penguin, Random House Strike Deal

Publishing companies Penguin and Random House have agreed to a joint venture, according to their parent companies. The German-owned Bertelsmann firm will have 53 percent of the publishing venture, while Penguin’s parent Pearson will hold 47 percent. A potential deal has been in the air since last week. Rupert Murdoch’s News Corp.—owner of HarperCollins—jumped into the fray over the weekend and seemed poised to make a bid for Penguin as well. Pearson CEO Marjorie Scardino said that for Penguin the joint venture will “greatly enhance its fortunes and its opportunities.”