PRH buys minority stake in US independent publisher Sourcebooks
In the US, Penguin Random House (PRH) has bought a significant minority stake in independent publisher Sourcebooks.
Sourcebooks will retain its majority ownership of 55% while PRH now owns a 45% share.
Founded in Illinois in 1987, Sourcebooks is the largest ‘woman-owned’ trade book publisher in North America and publishes more than 400 titles each year in multiple formats across 12 imprints. Over the past decade it has experienced double-digit growth year on year.
A statement released by PRH reads, ‘Now, through its shareholding with Penguin Random House, Sourcebooks will be able to tap into resources and capabilities that will allow an even broader and deeper approach to domestic and global markets.’
PRH US CEO Madeline McIntosh and Sourcebooks founder and CEO Dominique Raccah told Publishers Weekly that the deal will not affect the day-to-day running of the businesses and there will be no relocation of Sourcebooks’ offices or changes to its management.
Raccah said in a statement, ‘Sourcebooks has developed a new model in the book space that is agile, data-centric, and customer-centric, and we do it all from America’s heartland. This partnership is a continuation of our new model and another example of PRH’s remarkable, diversified approach to the market.’
Category: International news