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Financial Times: Celebrity Authors and Pro Golfers Provide a Test Case for the Labour Market

August 8, 2022


A federal antitrust trial began last week in Washington where the US Department of Justice is seeking to block Penguin Random House’s proposed US$2 billion merger with Simon & Schuster. The DOJ contends that the deal would limit competition in the market for book advances greater than US$250,000. “We’re not dealing with bushels of wheat,” Penguin’s lead counsel Daniel Petrocelli said in his opening statement. “Every book is a new product that has never existed before, and the competition to win that book is zealous, because if you don’t win that book, you have nothing to sell.”

Financial Times subscribers can read the full article here.