US files antitrust suit to stop major book publisher merger

that would have reshaped the industry, saying consolidation would hurt authors and, ultimately, readers.wants to buy

New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS. The Department of Justice filed an antitrust suit in the U.S. District Court for the District of Columbia Tuesday in the first major antitrust action by the Biden administration, 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 purchase of Simon & Schuster would reduce the so-called Big Five, which dominate American publishing and include HarperCollins, Hachette Book Group and Macmillan, to four. The deal raised concerned from writers and from rival publishers. The Authors Guild, a writers’ organization, has said it opposes the acquisition because there would be less competition for authors’ manuscripts. Rupert Murdoch’s News Corp, which owns HarperCollins and had reportedly also been interested in buying Simon & Schuster, slammed the deal. Its CEO Robert Thomson said last fall that Bertelsmann was “buying market dominance as a book behemoth.

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?

Now do ATT

I agree with the intentions here, but it's probably the only way for them to compete against Amazon.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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 »

Justice Department Sues to Block Penguin Random House’s Acquisition of Simon & SchusterThe Justice Department’s antitrust lawsuit alleges the almost $2.18 billion deal would allow Penguin Random House to exert outsized influence over which books are published in the U.S. and how much authors are paid. IMHO needs to be considered for all SMEs and start ups. Many people don’t set up on their own unless they have the requisite skills, expertise and personal brand. IMHO a restriction of trade needs to be considered as illegal and harmful. Against, competition law. Two companies in a dying industry gets blocked but they let Facebook and Amazon do their thing? It’s like they don’t even want to hide corruption in the government anymore based now do it to Disney
Source: WSJ - 🏆 98. / 63 Read more »