BERLIN – German media giant Bertelsmann said Wednesday that it is buying publisher Simon & Schuster, further expanding its existing U.S. portfolio that already includes the number one American publisher Penguin Random House.
“Simon & Schuster strengthens Bertelsmann’s footprint globally, and (particularly) in the U.S., its second-largest market,” the Guetersloh-based company said in a statement.
The purchase of Simon & Schuster reduces the so-called Big Five of American publishing — which also includes HarperCollins, Hachette Book Group and Macmillan — to four.
But Penguin Random House chief executive Markus Dohle told The Associated Press on Wednesday that Simon & Schuster would retain its editorial independence and that individual imprints within Penguin Random House and Simon & Schuster could continue to compete with each other for book deals.
The German conglomerate, which was founded in 1835 and also owns a broad portfolio of broadcast, music and online businesses, has been the sole owner of Penguin Random House since April.