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Putnam sale wrapped

Seagram Co.’s sale of its book-publishing unit, the Putnam Berkeley Group, to international media group Pearson for $336 million was finalized last week following early termination of the Hart Scott Rodino waiting period.

The sale combines Putnam with Pearson’s existing publishing division Penguin, creating the nation’s fourth-largest trade book publisher.

Former Hollywood Pictures exec Michael Lynton becomes chairman and CEO of the combined Penguin/Putnam company worldwide, taking over for retiring Penguin CEO Peter Mayer. Phyllis Grann, formerly Putnam chairman, becomes president of the combined Penguin/Putnam U.S. operations, reporting to Lynton.

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