From The Financial Times
The world’s largest publisher has withdrawn from the self-publishing business, in effect admitting defeat in its controversial attempt to compete with Amazon’s own platform.
Penguin Random House said on Tuesday that it had sold Author Solutions, which allowed writers direct access to publishing tools, to an unnamed affiliate of US private equity firm, Najafi Companies.
Financial terms of the deal were not disclosed, but analysts said the price was likely to be a fraction of the $116m that Penguin paid for Author Solutions in 2012.
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