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Posts Tagged ‘Berteslmann’

After Napster Payout, Bertelsmann Still Keen to Acquire

Reuters reports that Berteslmann, Random House‘s parent company, said on Tuesday it was keen to target acquisitions in education publishing as it posted a first-half loss due largely to litigation costs. Bertelsmann Chief Financial Officer Thomas Rabe said the company should be in a position to make significant acquisitions from next year and said it will have between 1 billion euros ($1.4 billion) and 1.5 billion to buy new businesses annually.

Net income dropped 85 percent on the cost of litigation over Internet music company Napster (after Bertelsmann settled a lawsuit filed by the National Music Publisher’s Association that said the company’s investment in Napster encouraged abuse of copyrighted content, resulting in 243 million euros in payment for settlements) as well as a fall in earnings and revenue at its book and music units.

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Bertelsmann Expands Further Into China

China Daily reports that Berteslmann, parent company of Random House, sees huge potential in China’s media and publishing markets and hopes to generate about 10 percent of its global sales revenue in China in the next few years. Gunter Thielen, board chairman of German Bertelsmann AG, introduced the group’s China development strategy in Beijing June 21. Bertelsmann expects to establish 10-15 joint ventures in China in the next few years through cooperation with local partners to increase the company’s global sales revenue in China from the current 1 percent. Thielen also added that Random House is considering expansion into China but hasn’t made any firm plans yet.