Business
Largest American Publisher Penguin Random House Buys Rival Simon & Schuster in $2.2 Billion Mega Deal – The Daily Beast
Competitor HarperCollins said that the deal is a strategic attempt at “buying market dominance as a book behemoth.”
German media conglomerate Bertelsmann announced Wednesday that its Penguin Random House division, the largest publisher in the U.S., will buy rival publisher Simon & Schuster from parent company ViacomCBS in a $2.17 billion cash deal. The deal is expected to close in 2021, pending regulatory approval. The acquisition of Simon & Schuster would decrease the publishing industrys Big Five down to just four companies, with HarperCollins, Hachette Book Group, and Macmillan remaining. Simon & Schuster…
