Bertelsmann to Raise Stake in RTL to 89%

German publishing and entertainment conglomerate Bertelsmann is consolidating control of a key broadcast subsidiary, agreeing to buy a 22% stake in RTL from Britain’s Pearson Group for $1.35 billion.

The purchase would raise Bertelsmann’s stake in RTL to 89% from 67%. Bertelsmann said it will seek to buy the remaining 11% of the shares, making RTL a wholly owned subsidiary.

Pearson, which owns newspaper Financial Times and book publisher Penguin, agreed to sell its 34 million shares for $39.60 a share, an 8% premium on Friday’s closing price.

Bertelsmann said it will try to buy out the remaining publicly traded shares for the same price and will hold discussions with RTL about making a public offer for the shares. RTL said its board will take up the matter in January.