Penguin Random House scraps Simon & Schuster merger deal

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With the deal’s dissolution, Penguin will pay a US$200mil (RM915mil) termination fee to Paramount.

Bertelsmann, a German media group which owns Penguin, initially said it would appeal a US judge’s decision that said its purchase of Simon & Schuster would be illegal because it would hit authors’ pay.

Reuters reported yesterday that the German company was unable to convince Paramount Global, Simon & Schuster’s owner, to extend their deal agreement and appeal the judge’s decision.

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