The two companies will create the largest consumer book publisher in the world, and it will be called Penguin Random House. The deal is expected to close in the second half of 2013, Publishers Weekly reports.

After months of conversations, Pearson and Bertelsmann, owners of Penguin and Random House respectively, announced Monday morning that they have signed an agreement to combine the two businesses, reports Publishers Weekly. Penguin Group chairman John Makinson will be chairman of the newly named Penguin Random House company, while Random House chairman and CEO Markus Dohle, will be CEO.

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