GÜTERSLOH, Germany: Bertelsmann has agreed to pay co-owner Time Inc $150 million (£76m; €111.8m) for its share in one of America's biggest book clubs.

The German media giant will now take full ownership of Bookspan, which had previously been run as a joint venture.

With 8 million members and over forty different clubs - including the Book-of-the Month Club - Bookspan generated $700 million (£354.9m; €520.7m) in revenue last year with an operating margin of about 5%.

Bertelsmann, which also owns Random House, bought music and DVD clubs from Columbia House in 2005 to become the biggest stateside player in all these sectors.

The sale also forms part of Time Inc's recent program of restructuring, and effectively ends Time Warner's involvement in the book industry as it seeks to further its online aspirations.

Data sourced from Wall Street Journal Online. additional content by WARC staff