WASHINGTON : A U.S. judge cited negative impacts on top-selling authors in blocking a planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster, according to a written opinion released Monday.
Pan said the merged entity would hold 49 per cent of the publishing rights market for anticipated top-selling books, adding the government presented"strong evidence of likely unilateral effects and coordinated effects that would hurt competition." The government argued against the deal, saying it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.
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