Penguin Random House will soon be united under one roof, as Penguin is preparing to join Random House at its 1745 Broadway location in early 2019.
In a letter to employees, PRH CEO Markus Dohle noted that the landlord for the midtown Manhattan property presented the company with "an unanticipated, one-time opportunity to accommodate us all in our midtown location at a greatly reduced long-term rent." The move, he added, will result in fiscal savings of "approximately $20 million annually."
Negotiations have yet to conclude, but the company has received approval from its board and shareholders. Dohle noted that the shift in location for Penguin will cause no changes to the publisher's organizational structure.