U.S. judge says Penguin Random House book merger cannot go forward

Judge Florence Pan of the U.S. District Court for the District of Columbia, said in a brief order on Monday that she found the Justice Department had shown the deal may substantially lessen competition "in the market for the U.S. publishing rights to anticipated top-selling books."

Penguin Random House said the decision was "unfortunate," and said it would "immediately request an expedited appeal." "The proposed merger would have reduced competition, decreased author compensation, diminished the breadth, depth, and diversity of our stories and ideas, and ultimately impoverished our democracy," U.S. Assistant Attorney General Jonathan Kanter said in a statement.read more

Penguin Random House lawyer Daniel Petrocelli, who defeated the government in a previous merger challenge, argued during the trial that the deal would have "enormous benefits" for readers and authors alike because the imprints, or brands, owned by the two giants would continue to compete against each other.

Business Business Latest News, Business Business 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… The Biden era DOJ should tell Disney to sell off 20th Century Studios! HoegLaw, big update! Also cant believe your initial video on this is from almost exactly a year ago. Time flies.
Source: DEADLINE - 🏆 109. / 63 Read more »