They throw in the towel. Penguin Random House, the world’s largest book publisher, and rival Simon & Schuster have walked away from their $2.2 billion merger deal. reports The Guardian, November 21.
The German media group Bertelsmann, owner of Penguin Random House, will not appeal the decision of the American justice which had blocked the operation in the name of antitrust laws on October 31, contrary to what he had announced. The group is not “managed to convince Paramount Global, the owner of Simon & Schuster, to extend their agreement and appeal the judge’s decision”, continues the British daily.
Simon & Schuster is a “non-essential asset” of the group, explains Paramount. According to wall street journal, these statements “imply” that the publishing house “will eventually be relisted” despite this huge fiasco. In the meantime, Bertelsmann throwing in the towel will cost it a whopping $200 million, according to the terms of the deal revealed e