{"id":513672,"date":"2022-11-22T00:27:42","date_gmt":"2022-11-21T21:27:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/penguin-random-house-scraps-2-2b-deal-with-simon-schuster\/"},"modified":"2022-11-22T00:27:42","modified_gmt":"2022-11-21T21:27:42","slug":"penguin-random-house-scraps-2-2b-deal-with-simon-schuster","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/penguin-random-house-scraps-2-2b-deal-with-simon-schuster\/","title":{"rendered":"#Penguin Random House scraps $2.2B deal with Simon &#038; Schuster"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bc4f5b003\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bc4f5b003\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/penguin-random-house-scraps-2-2b-deal-with-simon-schuster\/#%E2%80%9CPenguin_Random_House_scraps_22B_deal_with_Simon_Schuster%E2%80%9D\" >&#8220;Penguin Random House scraps $2.2B deal with Simon &#038; Schuster&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CPenguin_Random_House_scraps_22B_deal_with_Simon_Schuster%E2%80%9D\"><\/span>&#8220;Penguin Random House scraps $2.2B deal with Simon &#038; Schuster&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/penguin-simon-merger.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Penguin Random House, the world\u2019s largest publisher, and rival Simon &amp; Schuster have scr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed a $2.2 billion deal to merge, Penguin owner Bertelsmann\u00a0said in a statement.<\/p>\n<p>Bertelsmann, a German <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> group, initially said it would appeal a US judge\u2019s decision which said its bid to acquire Simon &amp; Schuster was illegal because it would hit authors\u2019 pay.<\/p>\n<p>But Bertelsmann said in a statement on Monday that it \u201cwill advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon &amp; Schuster.\u201d<\/p>\n<p>Reuters\u00a0reported on Sunday\u00a0that the German company was unable to convince Paramount Global, Simon &amp; Schuster\u2019s owner, to extend their deal agreement and appeal the judge\u2019s decision.<\/p>\n<p>Judge Florence Pan of the US District Court for the District of Columbia, ruled on Oct. 31 that the Justice Department had shown the deal could substantially lessen competition \u201cin the market for the US publishing rights to anticipated top-selling books.\u201d\u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>With the deal\u2019s dissolution, Penguin will pay a $200 million termination fee to Paramount Global.<\/p>\n<p>Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.<\/p>\n<p>Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon &amp; Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others.<\/p>\n<p>The Justice Department\u00a0filed a lawsuit\u00a0aimed at stopping the deal in November 2021.<\/p>\n<p>In hearings held in August, the government argued that the largest five publishers control 90% of the market, and a combined Penguin and Simon &amp; Schuster would control nearly half of the market for publishing rights to blockbuster books, while its nearest competitors would be less than half its size.<\/p>\n<p>The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon &amp; Schuster and Hachette, with Walt Disney and Amazon\u00a0also in the market. HarperCollins is owned by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> Corp, publisher of the New York Post.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/21\/penguin-random-house-scraps-2-2b-deal-with-simon-schuster\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Penguin Random House scraps $2.2B deal with Simon &#038; Schuster&#8221; Penguin Random House, the world\u2019s largest publisher, and rival Simon &amp; Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann\u00a0said in a statement. Bertelsmann, a German media group, initially said it would appeal a US judge\u2019s decision which said its bid to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/penguin-simon-merger.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135949,111048,17209,70584,70370,5085],"class_list":["post-513672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-21-22","tag-antitrust-law","tag-books","tag-mergers-acquisitions","tag-publishers","tag-simon-schuster"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513672"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513673"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}