Judge blocks Penguin Random House-Simon & Schuster merger
A federal judge blocked Penguin Random House's proposed purchase of Simon & Schuster, saying that the joining of two of the world's biggest publishers could "lessen competition."
NEW YORK — A federal judge has blocked Penguin Random House's proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the world's biggest publishers could "lessen competition" for "top-selling books." The ruling was a victory for the Biden administration's tougher approach to proposed mergers, a break from decades of precedent under Democratic and Republican leadership.
U.S. District Court Judge Florence Y. Pan announced the decision in a brief statement Monday, adding that much of her ruling remained under seal at the moment because of "confidential information" and "highly confidential
