in the news
Variety: Penguin Random House Pushes Back on DOJ Suit Over Simon & Schuster AcquisitionDecember 13, 2021
Attorneys for Penguin Random House, the world's largest book publisher, argued in a court filing that its proposed US$2.1 billion purchase of Simon & Schuster is “pro-competitive” and will benefit authors. The US Department of Justice filed an antitrust suit last month against Penguin seeking to block the acquisition, claiming that it would reduce the pay of authors and hurt consumers. “Penguin Random House’s acquisition of Simon & Schuster is pro-competitive in every respect,” Penguin's attorney Daniel Petrocelli said. “It will benefit authors, booksellers, and readers for generations to come. DOJ wants to block the merger on the misguided theory it will diminish compensation to the highest paid authors. This is not only legally, factually, and economically wrong, but it also ignores the vast majority of authors who indisputably will benefit from the transaction. We are fully confident that this merger will only enhance competition across the entire spectrum of the publishing industry.”
Read the full article here.