Nov 22, 2022
By Andy Johnson
The proposed merger involving two of the largest publishers in the world is officially dead.
Penguin Random House, tried to buy rival Simon and Schuster in a deal worth almost $3 billion.
The merger was ruled illegal by a U.S. judge because if how it would have affected authors’ pay.
Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors.
Penguin will pay a $200 million termination fee.