Simon & Schuster Sale to Penguin Random House Blocked – The Srdtf News

Simon & Schuster Sale to Penguin Random House Blocked – The Hollywood Reporter

Paramount Global’s attempt to sell publisher Simon & Schuster to Penguin Random House has been blocked, a Washington D.C. judge ordered on Monday.

“Upon review of the extensive record and careful consideration of the parties’ arguments, the Court finds that the United States has shown that ‘the effect of [the proposed merger] may be substantially to lessen competition’ in the market for the U.S. publishing rights to anticipated top-selling books,” U.S. circuit judge Florence Y. Pan wrote.

The $2.175 billion deal was originally unveiled by ViacomCBS (before it renamed itself Paramount Global) in November 2020 as part of the Shari Redstone-controlled media conglomerate’s effort to sell off assets that weren’t core to its streaming strategy.

More to come.

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