The Justice Department sues to block Penguin Random House's proposed acquisition of Simon & Schuster, citing its potential harm to authors
New York The Justice Department is suing to block Penguin Random House's proposed acquisition of Simon & Schuster, arguing that the combination of the two book business giants"would likely harm competition in the publishing industry."
Tuesday's complaint in United States District Court is one of the first major antitrust actions by the Biden administration.The publishers said they are prepared to defend the deal in court, calling it"a pro-consumer, pro-author, and pro-book seller transaction."Penguin Random House and Simon & Schuster are two members of the"Big Five," the industry's term for the five biggest publishers in the United States.
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