The New York Times: Justice Dept. and Penguin Random House’s Sparring Over Merger has Begun
August 1, 2022
Trial began on Monday over the US Department of Justice’s challenge to Penguin Random House’s proposed US$2.18 billion acquisition of Simon & Schuster. The DOJ contends that the merger would harm publishing rights to “anticipated top-selling books.” In his opening statement, Penguin’s lead counsel Daniel Petrocelli argued that the government's specific focus on anticipated best-selling books in the industry “is not grounded in reality.” Petrocelli said, “Every book is a dream. And sometimes dreams come true, and sometimes they don't.”
The New York Times subscribers can read the full article here.