Not officially. It would have been best just to keep the old account and not set up a new one.
Unfortunately it happened because of the shift in e-books on Android when Play Books was created. My old books were thought Kobo on my phone (with a Yahoo email), and the new books had to be through my Gmail because of the nature of Google Play books. Now that I have an E-reader, I wanted to consolidate them. I'll give this a shot.