Bertelsmann acquires Bookspan


German media firm Bertelsmann AG, owner of the Random House book publishing operation, said Tuesday that its DirectGroup unit has bought the 50% stake held by Time Warner's Time Inc. division in Bookspan, owner of 40 book clubs, including the Book-of-the-Month Club. The companies, which established the Bookspan venture in 2000, didn't disclose the financial terms of the deal. Bookspan will be integrated into BMG Columbia House, the largest U.S. direct-to-consumer distributor of music and movies, with division president and CEO Stuart Goldfarb leading the combined entity.