Paramount, head of Simon & Schuster, canceled an agreement worth 2,200 million dollars (2,131 million euros) for the sale of the publisher to Penguin Random House.
“Simon & Schuster continues to be a secondary asset for Paramount. Simon & Schuster is a very valuable business with a recent track record of strong performance, however it is not video-based and therefore does not fit strategically into Paramount’s broader portfolio.” (AP)
On Monday, Penguin Random House said in a statement that it was convinced it would be the “best home” for Simon & Schuster employees and authors. “However, we have to accept Paramount’s decision not to go forward,” he said.
The proposed merger of the two publishers was first announced in late 2020. However, the Justice Department filed a lawsuit last year, claiming that this merger would stifle competition.
In October, US District Judge Florence Y. Pan issued a ruling agreeing that the merger would harm book publishing.
Simon & Schuster includes authors such as Stephen King, Colleen Hoover or Bob Woodward.
Source: Observadora
