![]() ![]() German media giant Bertelsmann's Penguin Random House wants to buy New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS. The Justice Department is suing to block a $2.2billion book publishing merger that would grant Penguin Random House - already the largest publisher in America - control over more than two-thirds of the US book market. ![]() In July, Biden issued an executive order, urging the Justice Department and the Federal Trade Commission (FTC) to address increasing corporate consolidationīy Associated Press and Andrea Blanco For Dailymail.Com.The DOJ said the consolidation would hurt authors and, ultimately, readers.Penguin Random House and Simon & Schuster said they would fight the lawsuit.The department also accused Penguin Random House's Global CEO Marcus Dohle of privately scheming to partner with Amazon.The department filed an antitrust suit in federal court in Washington, DC, Tuesday in the first major antitrust action by the Biden administration.The group would have control over more than two-thirds of the US book market.Penguin Random House, already the largest publisher in America, wants to buy New York-based Simon & Schuster for $2.2billion.DoJ files antitrust lawsuit to block Penguin Random House - the largest publisher in America - buying Simon & Schuster in $2.2bn deal that would grant it control over two thirds of the US book market ![]()
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