Book-publishing powerhouse Simon & Schuster will let its $2.2 billion sale to Penguin Random House collapse on Monday, opening the door for a new suitor to try to clinch a deal, according to people familiar with the matter.
The acquisition was blocked on Nov. 1 by a federal judge on antitrust grounds. Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said.
Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. The sources requested anonymity ahead of official announcements this week. Bertelsmann and Paramount did not respond to requests for comment. The U.S. Justice Department had sued to stop the tie-up of the two publishers, which combined would have accounted for more than 25% of all print books sold in the United States this year.
In its complaint it argued the deal would lead to lower earnings for authors because of the reduced competition. Author Stephen King testified in favor of the government's arguments during the trial., will be free to explore a sale of the publisher anew.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Simon Manyonda Talks Lucius Fox's Growth In Pennyworth Season 3We chat with Pennyworth's Simon Manyonda about how Lucius Fox's season 3 glow up thanks to hbomax, his biggest out-of-character moment in episode 9, and what he hopes for the future of Batmans's right-hand tech man:
Read more »
The Book Pages: Blockbuster nights and long-lost delightsPlus, writer Lisa Ballantyne on her favorite authors – and books she avoids.
Read more »
Book review: Steve Martin slips with funny but thin movie memoirBetween the covers of this surprisingly thin memoir are truffles of humor from comedian Steve Martin's movie career illustrated by cartoonist Harry Bliss. The book is a sweet and smooth treat but ultimately unsatisfying.
Read more »
Veterans' experiences shared in comic book, Coming HomeContributor Graham Mathews says it resolved issues going 'round and round in my head' for years.
Read more »
Book review: Bravo CompanyB Company, Second Battalion, 508th Parachute Infantry Regiment served in the Arghandab District of Kandahar Province, Afghanistan, in 2009-10. Those were two of the deadliest years in the United States's war in Afghanistan. Along with Helmand and Kunar provinces, Kandahar was among the deadliest…
Read more »