Simon & Schuster, one of the "big five" publishers in New York, has been purchased by private equity firm KKR for $1.62 billion, as announced by its parent company, Paramount Global. The sale follows a blocked attempt by Penguin Random House to acquire the publisher for $2.2 billion due to antitrust concerns raised by the Department of Justice. Under the Biden administration, there has been heightened scrutiny on mergers, and following a three-week trial in 2022, the merger was deemed harmful to competition. Paramount decided against appealing the decision and proceeded with their sale plans. Simon & Schuster, set to celebrate its 100th anniversary next year, boasts prominent authors like Stephen King and Bob Woodward.