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Law360: Book Publishers Turn To O’Melveny, Shearman In DOJ ActionNovember 06, 2021
Penguin Random House LLC hired Daniel Petrocelli to be their lead defense counsel in a US Department of Justice suit against the publisher’s proposed merger with its rival Simon & Schuster. The DOJ claims that the US$2.275 billion acquisition would bring harm to the publishing industry as Penguin would control roughly half of the market. Petrocelli, who successfully defended AT&T’s US$85.4 billion purchase of Time Warner against a DOJ suit, said that there is no evidence that the proposed merger would damage book sale competition. “DOJ’s lawsuit is wrong on the facts, the law, and public policy,” Petrocelli said. “Importantly, DOJ has not found, nor does it allege, that the combination will reduce competition in the sale of books. 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.”
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