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CNN Business: Justice Department Sues to Stop Penguin Random House’s Purchase of Simon & SchusterNovember 02, 2021
The US Department of Justice has filed a lawsuit against Penguin Random House’s proposed acquisition of its rival Simon & Schuster, saying that the deal would harm competition in the publishing industry. This is one of the first major antirust action made by the Biden Administration. Penguin has retained Daniel Petrocelli who successfully defended AT&T’s acquisition of Time Warner against a DOJ suit in 2017. “Importantly, DOJ has not found, nor does it allege, that the combination will reduce competition in the sale of books,” Petrocelli said. “The publishing industry is strong and vibrant and has seen strong growth at all levels. We are confident that the robust and competitive landscape that exists will ensure a decision that the acquisition will promote, not harm, competition.” Petrocelli also said that the DOJ is “wrong on the facts, the law, and public policy.”
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