Penguin Random House Australia is buying Text Publishing, the highly regarded independent publisher with headquarters in Melbourne, Australia. The deal includes an unusual "charter of independence," which allows Text "to retain full publishing control as we continue our work of acquiring, editing, curating, designing, marketing, publicising and selling rights in our books."
Text has published a range of authors who have won or been shortlisted for major prizes including the Nobel, the Booker, the Pulitzer, the Miles Franklin, and the Stella. Among Australian authors Text has published are Helen Garner, Garry Disher, Michelle de Kretser, Tim Flannery, Kate Grenville, and Peter Singer. The Text Classics list includes some 150 lost, out-of-print, or forgotten books by authors such as Patrick White, Christina Stead, Henry Handel Richardson, Thea Astley, Miles Franklin, Elizabeth Harrower, and Madeleine St John.
Founded in 1990 by Diana Gribble and Eric Beecher as a joint venture between Text Media and Reed Publishing, Text is now majority owned by publisher Michael Heyward and Penny Hueston, in partnership with Maureen and Tony Wheeler, the founders of Lonely Planet. For a time, Canongate and Fairfax Media were investors. Text will continue to be sold in Australia and New Zealand by Penguin Random House Australia, and Text will continue to sell its books in the U.K.
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.
"I have been publisher at Text through five different ownership structures, and both Penny Hueston and I are excited about this wonderful opportunity to guarantee the future of the company we have spent so many years building. We are passionately committed to doing everything we can to allow Text to thrive as a distinctive and integral part of PRHA. As we begin a new chapter with Julie Burland and her team, we want to thank Maureen and Tony Wheeler, along with [business consultant] Marcus Fazio, for their staunch support. We want to thank our staff, particularly those remarkable and gifted souls who have been with us for many years. And we want to thank the hundreds of authors who trust us with their books."
Julie Burland, CEO of Penguin Random House Australia and New Zealand, 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."