Last updated: July 20, 2012 - 8:35am
Penguin Group is taking over Author Solutions Inc., marking the first major acquisition of a large-scale self-publishing company by a traditional book producer. Pearson, Penguin's London-based parent, said it would acquire the business from private-equity house Bertram Capital Management LLC for $116 million and fold it into its Penguin unit, where it will operate as a separate entity. The acquisition illustrates the newfound acceptance for self-publishers in a book world where they were once viewed largely as interlopers. It is also one more example of how low-cost digital distribution has disrupted the role of traditional publishers in determining how books are discovered by consumers.
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