The $2.2 billion deal to merge Penguin Random House and Simon & Schuster has collapsed, Penguin's owner Bertelsmann said on Monday.
The Justice Department filed a lawsuit in November 2021 trying to stop the deal, arguing it would lead to less competition for highly-anticipated books and lower advances for authors. In late October, a U.S. judge agreed and blocked the planned merger. Bertelsmann, a German media group, said it would appeal the decision, but on Monday released a statement stating it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster."
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