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</a>  Management recognises the need to focus on digital media and change the complexion of revenues. The acquisition of Kohlberg Kravis Roberts & Co's 50% joint venture stake in BMG in March 2013, and the decision to combine its trade book publishing operations (Random House) with Pearson (Penguin) underlines this focus. While a 53% stake in the newly formed Penguin Random House raises questions of proportionate consolidation, Fitch views Bertelsmann as the driving partner in the venture and does not currently adjust the JV's results.