Word: middelhoff
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Dates: during 1998-1998
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...HarperCollins, controlled by News Corp., but couldn't make a deal. For Bertelsmann, the world's third largest media company, the merger immediately establishes a long-sought commanding presence in the U.S., the world's largest media market. "Random House is a dream for Bertelsmann," says Thomas Middelhoff, 44, who engineered the deal just six months before officially stepping into the CEO's job. "I was as surprised as everyone else," says Sonny Mehta, president of Knopf, a prestigious Random House division. "I thought about it and said it's a very logical partner to have...
...acquisitive Middelhoff picked up Random House as if it were a souvenir. Last fall he came to the U.S. to study English and learn about the American publishing industry. At a 70th-birthday bash for Si Newhouse, he mentioned to the birthday boy that if Advance were ever interested in selling Random House, Bertelsmann would be interested in buying. A week later the clandestine deal, code-named Project Black, was under...
...holdings include music labels such as RCA and Arista and magazines such as McCall's. The company plans to raise not only its U.S. profile but its revenue too, from a third of its bottom line to 40%. "The U.S. is a very big market," says Middelhoff. "Our position is O.K., but our properties must strengthen our position...
...what might that mean? Middelhoff doesn't mince words. "Random House is a case study," he says. "We'd like to do it again with a music label." Maybe on his next trip...