{"id":130143,"date":"2022-11-07T23:57:16","date_gmt":"2022-11-07T23:57:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=130143"},"modified":"2022-11-07T23:57:16","modified_gmt":"2022-11-07T23:57:16","slug":"us-judge-cites-impact-on-top-selling-authors-in-blocking-book-merger","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/us-judge-cites-impact-on-top-selling-authors-in-blocking-book-merger\/","title":{"rendered":"US judge cites impact on top-selling authors in blocking book merger"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

FOX Business Flash top headlines for November 7<\/h2>\n

Check out what’s clicking on FoxBusiness.com<\/p>\n

A U.S. judge cited negative impacts on top-selling authors in blocking a planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster, according to a written opinion released Monday.<\/p>\n

Judge Florence Pan of the U.S. District Court for the District of Columbia said in a brief order issued Oct. 31 that she found the Justice Department had shown the deal may substantially lessen competition "in the market for the U.S. publishing rights to anticipated top-selling books."<\/p>\n

Penguin is owned by German media group Bertelsmann SE & Co while Paramount Global owns Simon & Schuster.<\/p>\n

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Novelist Stephen King gives autographs as he leaves the U.S. District Court on the day he testifies in an antitrust case against a publisher merger, in Washington, U.S., August 2, 2022. REUTERS\/Tom Brenner\/File Photo<\/span><\/p>\n

JUDGE STOPS MERGER OF PENGUIN RANDOM HOUSE, SIMON & SCHUSTER<\/u><\/strong><\/p>\n

Pan said the merged entity would hold 49% of the publishing rights market for anticipated top-selling books, adding the government presented "strong evidence of likely unilateral effects and coordinated effects that would hurt competition."<\/p>\n

Pan said those best-selling authors "have fewer outlets that can satisfy their requirements, and therefore are vulnerable to anticompetitive behavior."<\/p>\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
PARA<\/td>\nPARAMOUNT GLOBAL<\/td>\n16.37<\/td>\n+0.80<\/td>\n+5.14%<\/td>\n<\/tr>\n
BTG4.SG<\/td>\nn.a.<\/td>\nn.a.<\/td>\nn.a.<\/td>\nn.a.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others.<\/p>\n

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Former United States Secretary of State Hillary Clinton arrives for the opening ceremony of the Generation Equality Forum at the Louvre Carrousel in Paris, France, June 30, 2021. REUTERS\/Gonzalo Fuentes<\/span> (Reuters Photos)<\/span><\/p>\n

STEPHEN KING SET TO TESTIFY FOR GOVERNMENT IN TRIAL TO BLOCK MERGER OF PUBLISHING GIANTS<\/u><\/strong><\/p>\n

The government argued against the deal, saying it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.<\/p>\n

Penguin Random House lawyer Daniel Petrocelli argued during the 12-day trial the deal would have "enormous benefits" for readers and authors since the imprints, or brands, owned by the two giants would still compete against each other.<\/p>\n

Best-selling author Stephen King, who testified during the three-week trial, took issue with this pledge: "You might as well say you're going to have a husband and wife bidding against each other for the same house. It's kind of ridiculous."<\/p>\n

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CORTE MADERA, CALIFORNIA – NOVEMBER 02: The Penguin logo is visible on the spines of books displayed on a shelf at Book Passage on November 02, 2021 in Corte Madera, California. The U.S. Department of Justice is suing Penguin Random House and Simon &<\/span> ((Photo by Justin Sullivan\/Getty Images) \/ Getty Images)<\/span><\/p>\n

The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co and Amazon.com Inc also in the market. HarperCollins is owned by News Corp.<\/p>\n\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
NWSA<\/td>\nNEWS CORP.<\/td>\n16.72<\/td>\n+0.04<\/td>\n+0.24%<\/td>\n<\/tr>\n
DIS<\/td>\nTHE WALT DISNEY CO.<\/td>\n100.49<\/td>\n+0.91<\/td>\n+0.91%<\/td>\n<\/tr>\n
AMZN<\/td>\nAMAZON.COM INC.<\/td>\n90.53<\/td>\n-0.45<\/td>\n-0.49%<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/p>\n

Pan's opinion cited the importance of the industry, quoting John Steinbeck who said, "I guess there are never enough books."<\/p>\n

"People want to read," Pan wrote. "And book publishers have the enormous power and responsibility to decide which books – and therefore which ideas and stories – will be made broadly available to the public."<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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