Penguin Random House defends effort to buy Simon & Schuster

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Penguin Random House defends effort to buy Simon & Schuster

Dec 13 2021

Penguin Random House, the largest book publisher in the United States, said in a court filing on Monday that its plan to buy a competitor, Simon & Schuster, would be a boon for the industry, benefiting authors, booksellers and readers.

The Justice Department has disagreed. Last month, it sued to stop the $2.18 billion acquisition, as the Biden administration takes a more skeptical view of corporate consolidation across industries...

...The government has been investigating the deal for more than a year and has interviewed competing publishers as well as authors and agents. The case was assigned to Judge Florence Pan, who was confirmed this year to the U.S. District Court for the District of Columbia, and a scheduling hearing is set to take place on Tuesday. Penguin Random House and Simon & Schuster are requesting an expedited trial schedule, with a proposed start date of Aug. 1 of next year.

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