Judge Forbids PRH/S&S Merger
Judge Florence Pan has ruled in favor of the Department of Justice, blocking the proposed merger of Penguin Random House and Simon & Schuster.
Judge Florence Pan of the U.S. District Court for the District of Columbia said in a brief order that she had 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.”
The $2.2 billion deal was first announced nearly two years ago, with the Department of Justice objecting on antitrust grounds and filing a lawsuit to stop the deal last year. This trial, which took place earlier this year, captivated the publishing industry as major authors, editors, and publishing executives argued in court both for and against the merger.
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