A federal judge ruled in favor of the Justice Department’s bid to halt a planned $2.2 billion merger between rival publishers Penguin Random House and Simon & Schuster, marking a victory for antitrust efforts.
A federal judge on Monday ruled in favor of the Justice Department’s bid to halt a planned $2.2 billion merger between rival publishers Penguin Random House and Simon & Schuster, marking a victory for the government’s recent antitrust efforts. Judge Florence Pan agreed that it would serve to “substantially… lessen competition in the market” if Penguin Random House—the world’s largest publishing company—were to acquire its fellow book giant.
The Biden administration’s challenge focused on the potential harm posed to authors’ earnings and the range of books published in the United States. Author Stephen King was among a number of writers and agents called to testify for the government during the three-week trial earlier this year.
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