“We strongly disagree with today’s decision, which is an unfortunate setback for readers and authors, and we will immediately request an expedited appeal,” Penguin Random House wrote in a statement
The publisher went on to take aim at the government’s contention that the merger would harm competition for literary work, saying, “As we demonstrated throughout the trial, the Department of Justice’s focus on advances to the world’s best-paid authors instead of consumers or the intense competitiveness in the publishing sector runs contrary to its mission to ensure fair competition.
The proposed sale of Simon & Schuster to German media giant Bertelsmann, owner of the Markus Dohle-run Penguin Random House, would have created a book-selling behemoth. Bertelsmann and Paramount originally expected the deal to close in 2021, but the U.S. government filed a lawsuit in November of last year alleging that the deal “would give Penguin Random House outsized influence over who and what is published, and how much authors are paid for their work.
The government had argued in its complaint that, if combined, Penguin Random House and Simon & Schuster would have revenues “twice that of their nearest closest competitor,” and far outpace “Big Five” publisher rivals like HarperCollins, Hachette Book Group and Macmillan.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Judge Blocks Penguin Random House Merger With Simon & SchusterA federal judge ruled in favor of the Justice Department in its effort to block to merger of Penguin Random House with Simon & Schuster. In granting an injunction to halt the transaction, Judge…
Read more »
Judge Blocks Penguin Random House From Merging With Simon & SchusterA federal judge has blocked Penguin Random House’s prospective purchase of Simon & Schuster. The merger would have united two of the country’s largest book publishers. According to …
Read more »
Penguin Random House Blocked From Acquiring Rival Publisher Simon & SchusterA federal judge has blocked Penguin Random House from buying rival publisher Simon & Schuster, agreeing with the Justice Department that the merger would lessen competition
Read more »
Critical Role's Next Novel Out This Week, Read Exclusive ExcerptCritical Role's next novel comes out this week. Penguin Random House is set to release Critical [...]
Read more »
WSJ News Exclusive | Penguin Random House Stands by Plan to Publish Amy Coney Barrett’s BookPenguin Random House said it's committed to publishing a coming book by Supreme Court Justice Amy Coney Barrett, despite a dissenting online open letter that has garnered more than 600 signatures
Read more »
Judge grants new group a chance to curtail ballot-box watchersFor Star subscribers: The same federal judge last week who refused to block the activities of self-proclaimed monitors some Phoenix-area voters have deemed intimidating, will hear arguments from a new group.
Read more »