I’m pretty sure the Department of Justice wouldn’t allow Penguin Random House to buy us, but that’s assuming we still have a Department of Justice. The decision came weeks after a federal judge rejected the. This, of course, applies to King and a relatively infinitesimal group of published writers.Ĭentral to the DOJ’s case is that the proposed deal, in which PRH would acquire S&S for $2.2 billion, violates trust laws to that end, the DOJ revealed through discovery the following quote from an email sent by S&S CEO Jonathan Karp: Paramount Global said Monday it scrapped its 2.2 billion deal to sell book publisher Simon & Schuster to rival Penguin Random House. The evidence will show that the proposed merger would likely result in authors of anticipated top-selling books receiving smaller advances, meaning authors who labor for years over their manuscripts will be paid less for their efforts.
#Prh simon and schuster trial
King, who is published by Scribner, an S&S imprint, is likely to articulate one of the DOJ’s arguments against the impending monopsony, specifically that Penguin Random House, Simon & Schuster and Gardners are halting trade with Russia, The Bookseller understands, as the industry debates how best to respond to Russia’s invasion of Ukraine. Penguin Random House and Simon & Schuster lost the federal antitrust trial over their proposed 2 billion merger, a legal development that may well protect authors. 18, 2020 Rupert Murdoch’s News Corp is making a play for Simon & Schuster, the venerable home to best-selling authors like Stephen King and Hillary Clinton. Stephen King is set to testify on behalf of the Department of Justice against the proposed merger (acquisition?) of Penguin Random House and Simon & Schuster. Stephanie Frerich is an executive editor and vice president at Simon & Schuster since 2018, acquiring idea-driven, conversation-starting nonfiction on topics such as current events, business and economics, history, narrative nonfiction, popular science, and psychology, and biography/memoir. Closing arguments were made Friday, and a judge is weighing the Justice Department’s antitrust bid to block Penguin Random House’s proposed acquisition of Simon & Schuster.
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