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."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The AI arms raceTalking Point The fixation on AI-powered economic growth risks drowning out concerns around the technology which have yet to be resolved
-
Why Jannik Sinner's ban has divided the tennis worldIn the Spotlight The timing of the suspension handed down to the world's best male tennis player has been met with scepticism
-
Crossword: February 22, 2025The Week's daily crossword puzzle
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
Getty Images and Shutterstock merge into a picture powerhouse to combat AIThe Explainer The $3.7 billion deal is one of the largest in the industry's history
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
