8/13/2023 0 Comments Penguin publisherTo the Department of Justice, however, the suggestion that the publishers must join to compete with Amazon strains credulity. The companies insist that they would still face competition after the merger from both large-trade publishers as well as Amazon, “and a range of mid-size and smaller publishers all capable of competing for future titles from established and emerging authors.” We are confident that the robust and competitive landscape that exists will ensure a decision that the acquisition will promote, not harm, competition.” The publishing industry is strong and vibrant and has seen strong growth at all levels. ![]() ![]() “Importantly, DOJ has not found, nor does it allege, that the combination will reduce competition in the sale of books. “DOJ’s lawsuit is wrong on the facts, the law, and public policy,” the groups’ attorney Daniel Petrocelli of O’Melveny & Meyers said. The merger would give Penguin Random House outsized influence over who and what is published, and how much authors are paid for their work.”īoth publishing groups contested these allegations in a joint statement Tuesday. Attorney John Read and his colleagues wrote in the 26-page federal complaint, “Penguin Random House would be, by far, the largest book publisher in the United States, towering over its rivals. “If Defendants’ proposed merger is allowed to proceed,” U.S. In its 26-page complaint, filed Tuesday in Washington, the Justice Department warns against the anticompetitive consequences of such a deal. The acquisition would give Penguin Random House access to a barrage of Simon and Schuster’s bestselling authors, such as Stephen King and Bob Woodward, as well as classic titles like “The Great Gatsby” and “Fahrenheit 451.” ![]() The merger was arranged by the publishing groups’ parent companies last year when Penguin Random House’s owner, German media group Bertelsmann, agreed to buy Simon and Schuster from ViacomCBS. WASHINGTON (CN) - In an effort to bust up a $2.175 billion merger, the Biden administration filed suit Tuesday to stop America's largest book publisher, Penguin Random House, from acquiring the fourth-largest, Simon and Schuster.
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