Penguin is being sold by Pearson, its owner for the last half-century, as the company focuses its activities exclusively on education.
Pearson today announced that it was selling its remaining stake in Penguin Random House, the book publishing joint venture it formed six years ago with Bertelsmann, the German media group.
The company originally owned 47% of Penguin Random House when the joint venture was set up in 2013.
It sold a 22% stake in the business to Bertelsmann, its joint venture partner, for $1bn in July 2017.
Today it sold its remaining 25% stake in the publisher, again to Bertelsmann, for £530m.
The sale means that none of the so-called ‘Big Five’ of English-language book publishing remain in British ownership.