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The Hollywood Reporter: US Government Files Antitrust Suit to Block ViacomCBS’ Sale of Simon & SchusterNovember 02, 2021
The US Department of Justice has filed an antitrust suit against Penguin Random House seeking to block its US$2 billion acquisition of Simon & Schuster, saying that the deal would give the publisher too much influence over who and what is published and how much authors are paid. Penguin has enlisted top Hollywood attorney Daniel Petrocelli to fight the lawsuit. “DOJ’s lawsuit is wrong on the facts, the law, and public policy,” Petrocelli stated. “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.”Read the full article here.