Penguin Random House acquires Australian indie Text Publishing

Australian independent publisher Text Publishing has been acquired by Penguin Random House, but it has agreed a “Charter of Independence” from the global publishing giant so it can “retain full publishing control”. 

The acquisition includes all of the Text Publishing Company, which is majority owned by Michael Heyward and Penny Hueston, in partnership with Maureen and Tony Wheeler, the founders of Lonely Planet. 

Text Publishing was founded in 1990 by Diana Gribble and Eric Beecher. It was initially a joint venture between Text Media and Reed Publishing. Over the years it has attracted investors including Canongate Books and the Wheelers. 

Heyward said: “Text has created an unparalleled space for itself in Australian publishing. Now it’s time for a new owner to provide a home for the company’s entrepreneurial energies and its family of brilliant authors. We are lucky to have the right custodian in Penguin Random House Australia. We know the key people there very well, have worked with them for many years and have forged great relationships with them. As we discussed our future together, PRHA has been deeply respectful of the Text legacy.”

He added: “We have agreed on a Charter of Independence that will allow Text to retain full publishing control as we continue our work of acquiring, editing, curating, designing, marketing, publicising and selling rights in our books. Our books will, as ever, be sold to the Australia and New Zealand trade by Penguin Random House Australia. We will continue to sell our books in the UK and work with our network of agents around the world.” 

Julie Burland, CEO of Penguin Random House Australia, said: “As long-standing partners, Penguin Random House and Text Publishing know each other well and have built a relationship based on trust, respect and shared goals. I have always been inspired by the values that drive Text’s success and we deeply admire the legacy that Text Publishing has established in our industry. We believe that PRH is uniquely positioned to preserve and honour that legacy with integrity, passion and vision.” 

Text’s authors have won or been shortlisted for major prizes including the Nobel, the Booker, the Pulitzer, the Miles Franklin and the Stella. Text has published numerous bestselling books and has sold rights to its titles in dozens of territories. Its authors include Olga Tokarczuk, Barack Obama, J M Coetzee, Nick Cave and others. 

In 2012, Text launched the Text Classics, a list that has grown to about 150 previously lost, out-of-print or forgotten books. Text Classics authors include Patrick White, Christina Stead, Henry Handel Richardson, Thea Astley, Miles Franklin, Elizabeth Harrower and Madeleine St John.