in the news
The Washington Post: DOJ Sues to Block Penguin Random House’s Acquisition of Rival Publisher Simon & SchusterNovember 02, 2021
The US Department of Justice is suing Penguin Random House to block its proposed US$2.2 billion acquisition of its rival Simon & Schuster, alleging that the deal would harm authors and consumers because it would shrink a concentrated market and decrease the variety and quantity of books. The DOJ said it would give the publisher “outsized influence” over what is published and how much authors are paid. “DOJ’s lawsuit is wrong on the facts, the law and public policy,” Daniel Petrocelli said, vice chair of O’Melveny and Penguin Random House’s lead trial attorney. “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.