The liberal Open Market Institute said Wednesday that the sale of Simon & Schuster to Penguin Random House poses “multiple dangers to American democracy” and called on the Justice Department to intervene.
ViacomCBS announced on Wednesday that it has agreed to sell book publisher Simon & Schuster to Bertelsmann-owned Penguin Random House for $ 2.175 billion in cash.
Barrylin, executive director of the Open Markets Institute, said the deal would overwhelm foreign companies in the US book market.
In a statement, Lin said, “The Open Markets Institute has challenged the deal and made it clear that the already over-concentrated U.S. publishing industry will not allow further integration of power. I’m looking for it. “
“The open market is also calling on the Justice Department to take immediate steps to cut off Amazon’s power to sell and distribute books in the United States, as all major publishers have. It is the ultimate source of pressure on American authors, editors and publishers. It has been repeatedly revealed in recent years. “
ViacomCBS said Wednesday that it expects the deal to close in 2021, subject to regulatory approval. The sale announcement claimed the deal as “the result of a highly competitive auction that attracted the attention of buyers around the world.”
The deal has the potential to change the publishing environment for US books and puts US regulators in a key position to determine the future of the industry in the coming years.
If successful, the deal will reduce the five major publishers in the industry to four. In addition to Penguin Random House, there are Hachette Book Group, HarperCollins, and McMillian.
Penguins and Random House were integrated in 2013.
Liberal think tank asks DOJ to prevent Simon & Schuster from selling to Penguin Random House
Source link Liberal think tank asks DOJ to prevent Simon & Schuster from selling to Penguin Random House