Penguin Random House Australia has acquired Text Publishing for an undisclosed price. One of Australia's best-known independent publishers, Text's roster includes numerous notable authors, including Nick Cave, J.M. Coetzee, Helen Garner, and Barack Obama. In 2012, the publisher launched Text Classics to bring back approximately 150 out-of-print Australian works.
"Text has created an unparalleled space for itself in Australian publishing," Text publisher Michael Heyward said. "Now it's time for a new owner to provide a home for the company's entrepreneurial energies and its family of brilliant authors."
Founded in 1990 by Diana Gribble and Eric Beecher as a joint venture between Text Media and Reed Publishing, Text Publishing, based in Melbourne, has established itself as a significant force in global publishing. The company was previously majority-owned by Heyward and Penny Hueston, in partnership with Lonely Planet founders Maureen and Tony Wheeler.
The terms of the acquisition guarantee Text's editorial autonomy. "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, publicizing and selling rights in our books," Heyward said.
Text's books in Australia and New Zealand will continued to be handled by PRH Australia. Heyward noted that Text "will continue to sell our books in the U.K. and work with our network of agents around the world.”
