News Corp ready £1bn Penguin bid

HarperCollins owner News Corporation is reportedly readying a £1bn (€1.24bn) offer for Penguin in an attempt to scupper plans for a new publishing giant.

News Corp, whose chairman and chief executive is Rupert Murdoch, is thought to have indicated to Penguin’s owner Pearson that it will make a substantial cash offer for the publisher which accounts for around 12% of British book sales.