On October thirty first, a federal decide dominated in opposition to the merging of Penguin Random House and Simon & Schuster, saying that it might “substantially lessen competition” in publishing. While that was a blow to the merger, it wasn’t formally over: Penguin Random House had been planning to enchantment the choice. In order to do this, they would want Paramount (Simon & Schuster’s dad or mum firm) to increase the deadline for the deal. Paramount has now said that they won’t be extending it from the November twenty second deadline.
The deal falling by signifies that Paramount will obtain a $200 million termination price from Penguin Random House. It’s unclear what’s going to occur to Simon & Schuster now, however they’re nonetheless searching for a purchaser, and Hachette and HarperCollins have each expressed curiosity through the trial. Simon & Schuster has has had document gross sales not too long ago, and its chief govt has stated, “We are more successful and valuable today than we have ever been.”
You can learn extra about this story on the New York Times.
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