Paramount announced it will no longer sell Simon & Schuster to Penguin Random House after a judge blocked the proposed $2.2 billion merger of the two publishing houses over antitrust concerns.
Penguin Random House must pay a $200 million termination fee.
Penguin Random House issued a separate statement Monday saying it had "planned to appeal" the judge's October ruling but must "accept Paramount’s decision not to move forward.""This news is still fresh, and at this point I have no specific information to impart about what will happen in the coming months.
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