German media group Bertelsmann SE & Co, which owns Penguin, was unable to convince Paramount Global, Simon & Schuster's current owner, to help launch an appeal and extend the deal contract before it expires today, sources say.
German media group Bertelsmann SE & Co, which owns Penguin, was unable to convince Paramount Global, Simon & Schuster's current owner, to help launch an appeal and extend the deal contract before it expires today, the sources said.The sources requested anonymity ahead of official announcements this week. Paramount declined to comment, while a Bertelsmann spokesperson did not respond to a request for comment.
The US Justice Department had sued to stop the tie-up of the two publishers, which combined would have accounted for more than 25% of all print books sold in the US this year. In its complaint, it argued the deal would lead to lower earnings for authors because of the reduced competition.Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes King, Jennifer Weiner and Hillary Rodham Clinton, among others.Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew.
HarperCollins, which is controlled by News Corp, and Lagardere's Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.
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