One example tells the larger story: Bennett Cerf and Donald Klopfer founded Random House in 1927 and bought Alfred A. Knopf in 1960 and Pantheon the following year. Four years later, in 1965, they sold it to RCA and then RCA, in turn, sold it in 1980 to Si Newhouse’s privately owned Advance Publications for between $65 million and $70 million in cash. Newhouse ruled the roost for eighteen years and then sold in 1998 to the private German multinational conglomerate Bertelsmann, which paid a reported $1 billion, making Bertelsmann a publishing Goliath.
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