Judge blocks Penguin Random House-Simon & Schuster merger

Link copiedA federal judge has blocked Penguin Random House’s proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the world’s biggest publishers could “lessen competition” for “top-selling books.”

Penguin Random House quickly condemned the ruling, which it called “an unfortunate setback for readers and authors.” In its statement Monday, the publisher said it would immediately seek an expedited appeal. He added: “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.”

But it was still a dramatic break from recent history in the book world and beyond. The publishing industry has been consolidating for years with little interference from the government, even when Random House and Penguin merged in 2013 and formed what was then the biggest publishing house in memory. The joining of Penguin Random House and Simon & Schuster would have created a company far exceeding any rival.

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