Pearson, the world’s learning company, has completed the sale of its remaining 25% stake in Penguin Random House for approximately $675m (£530m1) to Bertelsmann SE & Co KGaA (“Bertelsmann”). The transaction was announced on 18th December 2019 and completes Pearson’s exit from the venture which, going forward, will be wholly owned by Bertelsmann. In our announcement in December, we stated our intention to return £350m of net proceeds to our shareholders through a share buyback programme, which we subsequently commenced in early 2020. In our trading update on 23rd March, in light of the rapidly changing environment caused by the COVID-19 pandemic, we further stated that the Board had decided it was prudent to pause the share buyback with approximately £167m of the £350m share repurchase programme completed to date.
Time Inc. has received a buyout bid from billionaire Edgar Bronfman Jr., which has reportedly been rejected by the company’s board. The offer was for $18 a share, a 30% premium over the company’s Friday closing price, Keith Kelly of The New York Post reported.
Bronfman, managing partner of private equity firm Accretive LLC, went in on the bid with fellow billionaire Leonard Blavatnik, founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, according to Kelly.
Recently, Time Inc. has been repositioning itself as more of a digital media company—becoming less dependent on print ad revenue.
Several changes have come to the New York publisher just this past year including an editorial restructuring, which saw the creation of editorial groups.
On Monday, following the news, Time Inc.’s shares jumped 11.6% to $15.40 in pre-market trading.
This story is still developing.