New York CNN Business — Paramount has ended its agreement to sell Simon & Schuster to Penguin Random House and will not appeal the recent federal court ruling blocking the merger of the publishing companies. Penguin, a subsidiary of German media giant Bertelsmann, is obligated to pay Paramount, Simon & Schuster’s parent company, a $200 … Read more
Simon & Schuster’s corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher for $2.2 billion, a proposed sale a federal judge already had blocked last month. Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen … Read more
Penguin Random House’s proposed $2.2bn acquisition of Simon & Schuster has collapsed over antitrust concerns, ending a costly two-year effort to create a book publisher of unprecedented scale. Simon & Schuster’s parent company, Paramount Global, sounded the death knell for the deal on Monday by deciding not to appeal against a ruling by a US … Read more
A major publishing deal is officially dead in the water as Paramount Global scrapped its sale of Simon & Schuster to Bertelsmann’s Penguin Random House, declining to pursue an appeal after the Department of Justice sued to block the merger and a federal judge upheld the government’s position. The sale was announced two years ago, … Read more
Simon & Schuster to let $2.2B sale to Penguin Random House collapse – report Source link
A federal judge has blocked Penguin Random House’s proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the world’s biggest publishers could “lessen competition” for “top-selling books.” The ruling was a victory for the Biden administration’s tougher approach to proposed mergers, a break from decades of precedent … Read more
Tommy Schuster tosses a touchdown pass before half to tie the game for North Dakota State vs. the Nebraska Cornhuskers. Source link
The government and publishing titan Penguin Random House are set to exchange opening salvos in a federal antitrust trial Monday as the Department of Justice seeks to block the biggest U.S. book publisher from absorbing rival Simon & Schuster. At a time of mega-mergers and flashy high-tech corporate hookups, the biggest U.S. book publisher’s plan … Read more