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Bertelsmann brings in Morgan Stanley
Bertelsmann, the German media conglomerate that owns Random House, has retained Morgan Stanley to advise it on offers for its American book clubs, The New York Times reported.
Industry executives said that the clubs have drawn interest from Ripplewood Holdings, a private equity firm, and from a management-led group. Bertelsmann, the report said, hopes to raise about 250 million euros ($385 million).
The news follows a report last month in a German publication that Ripplewood was was among dozens of investors interested in buying the business. The head of the US book clubs, Stuart Goldfarb, was also trying to raise funds for a management buyout of the business, Manager Magazin reported at the time.
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