Penguin Random House and Simon & Schuster are putting up a fight against federal efforts to scuttle their merger, alleging the government is wrong.
The planned merger of Penguin Random House and Simon & Schuster may be global but it’s bad for books both foreign and domestic.
“DOJ errs in asserting that the ‘Big Five’ are the only participants in the alleged market of ‘anticipated top-selling books,’” the lawsuit states. “As just one example, in each of the past three years, three of the top ten highest-selling authors according to BookScan have been published by publishers other than the so-called ‘Big Five.’
“Penguin Random House has no ability to influence overall advances or compensation: a Penguin Random House imprint is not invited to bid for every book, and even when one or more Penguin Random House imprints do bid, they lose far more auctions than they win,” the filing says. “The same is true for Simon & Schuster. After the merger, the market dynamic will be just the same, and post-merger Penguin Random House’s pricing influence will be just as nonexistent as it is today.
“DOJ wants to block the merger on the misguided theory it will diminish compensation to the highest paid authors,” Petrocelli said Monday in a statement. “This is not only legally, factually, and economically wrong, but it also ignores the vast majority of authors who indisputably will benefit from the transaction. We are fully confident that this merger will only enhance competition across the entire spectrum of the publishing industry.
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