Random Makes Big German Buy

In Bertelsmann's first major acquisition since Gunter Thielen took over as CEO, the company has acquired the Ullstein Heyne List publishing group from Axel Springer. Following completion of the sale, UHL will become part of Random House's German publishing subsidiary, Verlagsgruppe Random House. According to Random House, the combination of the two companies will give Random an 11% share of Germany's trade book market. UHL had sales of 178 million euros in 2001, while Random had revenue of 243 million euros. Christian Strasser, publisher of UHL, will continue in that position, reporting to Klaus Eck, Verlagsgruppe Random House president and publisher.