![]() ![]() Assistant Attorney General Jonathan Kanter said in a statement. "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," U.S. Penguin is owned by Bertelsmann, a German media group, while Paramount Global (PARA.O) owns Simon & Schuster. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. "A merger would be good for competition," said Thomas Rabe, chief executive of Penguin owner Bertelsmann (BTGGg.F), who said the court's decision was based on incorrect basic assumptions. Penguin Random House said the decision was "unfortunate," and said it would "immediately request an expedited appeal." The government argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more. Unlike most merger fights, which are focused on what consumers pay, this one focused on authors' earnings. publishing rights to anticipated top-selling books." District Court for the District of Columbia, said in a brief order on Monday that she found the Justice Department had shown the deal may substantially lessen competition "in the market for the U.S. WASHINGTON, Nov 1 (Reuters) - A planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster cannot go forward, a U.S. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |