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.”
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