Penguin Random House CEO Pens Letter to Staff Touting Parent Bertelsmann’s 2013 Results
Today German-based Bertelsmann, owner of Penguin Random House (PRH), released its 2013 fiscal-year results. In a letter to PRH staff, CEO Markus Dohle predicted a bright future for the company. Wrote Dohle: "Together with those reported by Pearson in February, we now have a full, very positive inaugural financial picture of our company from our shareholders for 2013, and close the books on a successful past year."
The group profit of Bertelsmann was up by more than 40% or nearly $1.2 billion. Part of that success is attributed to the merger of Random House and the Penguin Group to create the largest publisher in the world. Penguin Random House's consolidated year-end revenue of $3.7 billion reflects a full financial year of Random House and a half-year of the Penguin Group.
See the full letter by Dohle below and view the full press release on Bertelsmann's 2013 financials here.
Chief Executive Officer
March 26, 2014
Earlier today in Berlin, Bertelsmann announced their 2013 fiscal-year results. Together with those reported by Pearson in February, we now have a full, very positive inaugural financial picture of our company from our shareholders for 2013, and close the books on a successful past year.
This impressive performance was even more remarkable during what was such a transformative year for Penguin Random House, and the publishing industry in general. Looking at our histories, it seems that change has been business as usual for us: adapting to change, but also shaping change and, better yet, driving it. In our ever-shifting marketplace, and as a result of the merger, change will continue, but the essence of our business and our larger purpose-to publish the best books and to bring them into the hands of as many readers as possible-never will. In 2013, you proved that no matter what challenges the world brings us, we can change the world with our books. Already in this first quarter of 2014, "business as usual" continues. We have dozens of newly published and ongoing bestsellers, international prize recognitions, and, with last week's agreement to acquire Santillana Ediciones Generales, an exciting expansion of our international footprint. Each accomplishment is a direct result of your unwavering focus on doing what you love, and on the high standard of quality, excellence, and creativity that exists in every corner of our company. In another year that promises change, this is exactly how we will continue to thrive and grow.
Kicking off 2014 with these demonstrations of creativity, teamwork, and accomplishments worldwide, I can't help but be excited about what's to come. We start this year the same way we started our combined company-with the two key success factors that we prize so highly: the best people-all of you, across all departments, divisions, and functions of our company-and the best books. Beyond our excellent first quarter, and thanks to the outstanding efforts of our publishers and editors, we have a great lineup of new titles to look forward to worldwide, across our companies in 2014.
In their fiscal-year reporting, our shareholders have identified us-and our success because of our books and our people-as one of their greatest assets, not only for your contributions to their bottom line, but also for your societal and cultural value. Everyone at Penguin Random House, no matter where you work or what you do, shares the same motivation: We want to change the world-one book at a time. Our collective belief in the power that a book can have is what inspires us to keep on sparking conversations, challenging the status quo, surprising readers, and creating must-reads-in short, nourishing a passion for reading. It's a humbling and daunting task, but one we love to do in so many ways every day.