Pearson balances the books with $1bn Penguin sale

Troubled publishing giant Pearson has shored up its balance sheet with the sale of a 22% stake in Penguin Random House to German mass media firm Bertelsmann.
The deal values the publisher, responsible for titles such as Fifty Shades of Grey and Girl on the Train, at £2.75bn, providing a much-needed cash infusion after it was forced to place its stake in the publisher up for sale to steady the ship in the wake of a succession of profit warnings.
Pearson merged Penguin with Random House