A U.S. judge blocked Penguin Random House’s $2.2 billion deal with rival publisher Simon & Schuster. If the decision sticks, future mergers may be vetted based on their effect on workers as well as customers. It could get messy, says jennifersaba.
The trouble is that change can be confusing. The Department of Justice drew a line in its challenge to Penguin, distinguishing highly paid writers from the rest. The publishers argued inthat such a grouping includes just 2% of all books published commercially. Despite that, the Department of Justice on Monday called the ruling “a victory for workers more broadly.” The watchdog is attempting to rewrite the rule book; instead it has crafted a mystery.A U.S. judge on Oct.
The Department of Justice had argued that the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more. German media group Bertelsmann, the owner of Penguin, agreed to buy Simon & Schuster from Paramount Global in 2020.
Bertelsmann Chief Executive Thomas Rabe said in a statement the court’s based its findings on “incorrect basic assumptions, including an inaccurate definition of the market.” Bertelsmann plans to file an appeal with the D.C. Court of Appeals. U.S. Assistant Attorney General Jonathan Kanter said in a statement that the "decision is also a victory for workers more broadly."Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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