PRH and HarperCollins were indeed the final bidders in the auction, and PRH won the day with a reported bid of $2.2 billion. When parent company ViacomCBS put Simon & Schuster up for sale in 2020, the smart money was on another one of the major publishers acquiring the house, and the Big Five becoming the Big Four. Penguin Random House is itself the product of many mergers, with one independent publishing imprint after another joining together to form a massive conglomerate, culminating in the merger of Penguin and Random House in 2013 that brought the then-Big Six down to the Big Five. NEW YORK A federal judge has blocked Penguin Random Houses proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the worlds biggest. Back in November of 2021, Penguin Random House (PRH) announced the acquisition of fellow bookseller Simon & Schuster (S&S) for just over two. The Big Five control roughly 80 percent of the trade market for books in the US, and Penguin Random House, with a market share of 25 percent in 2020, is the biggest one of all. Simon & Schuster, founded in 1924, publishes more than 2,000 books per year, has a workforce of some 1,500 employees, and in 2021 cited having 219 New York Times bestsellers, 29 of them going to No. Department of Justice is suing Penguin Random House and Simon & Schuster to block the companies from completing a merger valued at 2.175 billion. The decision came weeks after a federal judge rejected the. Penguin Random House and Simon & Schuster are two members of what’s called the “Big Five” of publishing, with the other three slots filled by HarperCollins, Hachette, and Macmillan. Paramount Global said Monday it scrapped its 2.2 billion deal to sell book publisher Simon & Schuster to rival Penguin Random House.
#Prh simon and schuster trial#
Perhaps fittingly for a case with such high stakes, the trial was characterized by obfuscation and downright disinformation nearly the whole way through. What Now While the anti-monopoly movement has a huge victory to celebrate, the publishing. The result of the trial, which is expected to be decided later this fall, will have a massive impact on both the multibillion-dollar book publishing industry and on how the government handles corporate consolidation going forward. NovemMonopoly Money The Penguin Random HouseSimon & Schuster Merger Has Been Blocked. A deeper-pocketed Simon & Schuster could make a more competitive bid for a Trump book, according to two of the people. On August 22, oral arguments ended in the Justice Department’s antitrust trial to block the book publisher Penguin Random House from merging with rival Simon & Schuster.
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