A major publishing deal is officially dead in the water as Paramount Global scrapped its sale of Simon & Schuster to Bertelsmann’s Penguin Random House, declining to pursue an appeal after the …
The sale was announced two years ago, in Nov. of 2020, as the former ViacomCBS was shedding non-core assets to raise cash and pay down debt. President Biden’s more activist
The government claimed that the merger was “presumptively unlawful,” leaning heavily on the fact that it would combine the largest book publisher, Penguin Random House, with the fourth in the marketplace, Simon & Schuster, creating a corporation with twice the revenues of its next closest competitor. The lawsuit focused on the impact of the deal on author payments, rather than on the traditional purview of, consumer prices.
Attorneys for Penguin Random House argued unsuccessfully at a trial in August that the deal would not drive down author advances and they will “continue to go up.” Federal Judge Florence Pan “enjoined and restrained” the companies from consummating the proposed merger, finding that the government had shown that ‘the effect of [the proposed merger] may be substantially to lessen competition’ in the market for the U.S. publishing rights to anticipated top-selling books.
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Paramount Global Terminates Deal to Sell Publisher Simon & Schuster to Rival Penguin Random HouseSimon & Schuster's parent company has terminated its deal to sell the book publisher to rival Penguin Random House
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Paramount abandons sale of publisher Simon & Schuster to Penguin Random HouseParamount 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.
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Simon & Schuster to let sale to Penguin fall apart, sources sayBook-publishing powerhouse Simon & Schuster will let its $2.2 billion sale to Penguin Random House collapse on Monday, opening the door for a new suitor to try to clinch a deal, according to people familiar with the matter.
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