German media giant Bertelsmann’s Penguin Random House, already the largest American publisher, wants to buy New York-based Simon & Schuster — which has authors who include Stephen King,The Department of Justice filed an antitrust suit Tuesday in U.S. District Court for the District of Columbia, saying the deal would let Penguin Random House “exert outsized influence over which books are published in the United States and how much authors are paid for their work.
The filing offered three examples of situations where competitive bidding between the two publishing houses resulted in advances that were larger by six-figure amounts. The purchase of Simon & Schuster would reduce the so-called Big Five of American publishing — which also includes HarperCollins, Hachette Book Group and Macmillan — to four.
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Justice Department files antitrust suit to block $2 billion merger of Penguin Random House, Simon & SchusterThe Biden administration on Tuesday sued Penguin Random House and Simon & Schuster to block the two companies from completing a $2.175 billion merger. Whoa. Yeah block that. So ur saying there are still people working at the doj? Yep brick and mortar publishing is a real 21st century threat
Source: CNBC - 🏆 12. / 72 Read more »
US files antitrust suit to stop major book publisher mergerU.S. regulators are suing to block a $2.2 billion book publishing deal that would have merged Penguin Random House with Simon & Schuster. The Department of Justice filed an antitrust suit saying consolidation would hurt authors and readers. I agree with the intentions here, but it's probably the only way for them to compete against Amazon. Now do ATT what's next? U.S. to stop merger of horse-drawn carriage manufacturers? who cares about publishing houses when digital self-publishing takes no upfront costs?
Source: AP - 🏆 728. / 51 Read more »
Justice Department files antitrust suit to block $2 billion merger of Penguin Random House, Simon & SchusterThe Biden administration on Tuesday sued Penguin Random House and Simon & Schuster to block the two companies from completing a $2.175 billion merger. Whoa. Yeah block that. So ur saying there are still people working at the doj? Yep brick and mortar publishing is a real 21st century threat
Source: CNBC - 🏆 12. / 72 Read more »