“The proposed merger was never about readers and writers it was about preserving (and growing) PRH’s market share. “I am delighted that Judge Florence Pan has blocked the merger of Penguin Random House and Simon & Schuster,” the self-described “ freelance writer” said on Twitter. Stephen King, the government’s star witness, celebrated the ruling. “We believe this merger will be pro-competitive, and we will continue to work closely with Paramount and Simon & Schuster on the next steps.” As we demonstrated throughout the trial, the Department of Justice’s focus on advances to the world’s best-paid authors instead of consumers or the intense competitiveness in the publishing sector runs contrary to its mission to ensure fair competition,” the company said in a statement. “We strongly disagree with today’s decision, which is an unfortunate setback for readers and authors, and we will immediately request an expedited appeal. In the meantime, Penguin Random House has vowed to fight Pan’s ruling.
Pan did say more about how she’d reached her decision, but the complete memo explaining her reasoning remains under seal due to alleged “confidential” or even “highly confidential information.” Both sides have to get together within the next few days to decide what they want redacted from this document before it’s publicly posted. “Accordingly, judgment shall be entered in favor of the Plaintiff and the merger shall be enjoined.” In addition to blocking the merger, Pan’s ruling said that the companies had to “take any and all necessary steps” to prevent any of their execs or business entities from doing anything that would merge the companies. publishing rights to anticipated top-selling books,’” Pan wrote in a two-page order. “The Court finds that the United States has shown that ‘the effect of may be substantially to lessen competition’ in the market for the U.S.
#Prh simon and schuster trial
The trial was a legal thriller for publishing insiders and booklovers alike after President Joe Biden’s Justice Department sued to block the potential merger in November 2021, claiming that it would harm authors by leaving them with little leverage. Pan, who oversaw the Washington, D.C., federal trial, issued her decision on October 31, blocking the publishing giants’ would-be merger. Penguin Random House and Simon & Schuster lost the federal antitrust trial over their proposed $2 billion merger, a legal development that may well protect authors. Publishing’s Big Five will not become the Big Four anytime soon. Photo: Lindsey Nicholson/UCG/Universal Images Group via Getty Images
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