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Paramount Global confirmed this week that it would no longer continue with the sale of its Simon & Schuster publishing company to Penguin Random House. The American mass media and entertainment firm officially dropped the $2.2 billion deal after the court rejected the merger.
Paramount Global is the parent company of Simon & Schuster, and it previously had a sale agreement with Penguin Random House. However, the federal court blocked the deal in late October, and the company said it would not appeal the decision of Judge Florence Pan of the United States District Court for the District of Columbia. Thus, Paramount just completely ended the negotiations.
As per the Associated Press News, Penguin Random House had a different plan as it would like to appeal so the merger could proceed. But upon learning that Paramount decided to go with the court’s ruling, the New York-headquartered publishing house said it has to accept its decision not to move forward.
Even with this situation, the U.S. Securities and Exchange Commission said that Penguin is still required to pay Simon & Schuster’s parent company $200 million for the termination of the deal. It was in November 2020 when the sale deal between the publishing companies was first announced.
In October this year, Judge Florence Pan concluded that the merger of two leaders in the book publishing industry would illegally shrink competition. The Justice Department brought the merger case to the court, and it sued to stop the sale over antitrust issues.
"I am grateful for your patience and dedication to our mission during all that has transpired over these many months since the sale began,” president and chief executive officer of Simon & Schuster, Inc., Jonathan Karp, said in a statement confirming the termination of the merger with Random House. “Ultimately, what matters the most is the work we do together, on behalf of our authors and our books.”
He added, “Over the past three years, we have reached new heights of accomplishment. Simon & Schuster has never been more profitable and valuable than it is today. And that is because of the effort, ingenuity, and perseverance that you bring to our endeavors.”
