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Bertelsmann CEO sees Random House stake at 70-75 percent - Spiegel
March 10, 2017 / 5:05 PM / 8 months ago

Bertelsmann CEO sees Random House stake at 70-75 percent - Spiegel

FRANKFURT (Reuters) - German media group Bertelsmann (BTGGg.F) expects to raise its stake in its Random House joint venture with Pearson (PSON.L) to between 70 and 75 percent and will find a long-term partner if necessary for the rest, its chief executive told Der Spiegel.

German media group Bertelsmann CEO Thomas Rabe attends the annual news conference Berlin, Germany, March 22, 2016. REUTERS/Fabrizio Bensch

Britain’s Pearson - which currently owns 47 percent of Random House, the world’s biggest general-interest publisher - said in January it may seek to sell its stake after a massive profit warning.

Bertelsmann CEO Thomas Rabe told Der Spiegel: “I expect we will raise our stake to 70 or 75 percent as long as the conditions are right.”

He said any partner for the remaining stake would need to take a long-term view. “Interest is high but we don’t want a partner who would soon head out of the door again,” he said.

“There are many institutional investors like pension funds or family trusts who think long-term.”

Reporting by Georgina Prodhan; Editing by Maria Sheahan

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