Stephen King Testifies , Against Penguin's Proposed , $2 Billion Merger.
Bloomberg reports that author Stephen King
has testified against Penguin Random House's
$2.18 billion acquisition of Simon & Schuster. .
Bloomberg reports that author Stephen King
has testified against Penguin Random House's
$2.18 billion acquisition of Simon & Schuster. .
The best-selling author reportedly argued
that the proposed acquisition would weaken
competition in the publishing industry.
On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.
On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.
According to King, consolidation in
the publishing industry has led to lower pay
for authors over the course of his long career.
According to King, consolidation in
the publishing industry has led to lower pay
for authors over the course of his long career.
It becomes tougher and tougher for
writers to find enough money to live on, Stephen King, Antitrust suit testimony, via Bloomberg.
Bloomberg reports that the deal would
see Penguin, the top book publisher, take
over Simon & Schuster, the fourth largest.
Bloomberg reports that the deal would
see Penguin, the top book publisher, take
over Simon & Schuster, the fourth largest.
The government's antitrust suit alleges that
the acquisition will result in lower advances
for authors and fewer choices for consumers.
The government's antitrust suit alleges that
the acquisition will result in lower advances
for authors and fewer choices for consumers.
The companies argue that the merger will
not affect internal competition between
Penguin and Simon & Schuster.
Bloomberg reports that King openly
mocked this claim while testifying. .
Most of King's library
of books are published by
Simon & Schuster's imprint Scribner.
According to King, the five largest publishers,
which would include Simon & Schuster, have
largely squeezed out independent book stores.
According to King, the five largest publishers,
which would include Simon & Schuster, have
largely squeezed out independent book stores