A US federal judge on Monday (October 31) blocked a USD 2.2 billion acquisition of publishing giant Simon &amp;&nbsp;Schuster by its competitor Penguin Random House. The court has sided with the US Justice Department which had&nbsp;argued against the mega-merger.

The mega deal had been announced in November 2020. It would have brought two of America's five largest publishers together.

US District Court Judge Florence Pan, in her ruling, said the government had convincingly shown that the merger would substantially lessen competition "in the market for the US publishing rights to anticipated top-selling books."

The judge said that full reasoning for the decision would be issued under seal since it was based on confidential business information.

The Justice Department has welcomed the decision. It has come only a week before crucial midterm elections. US President Joe Biden has tried to project his Democratic Party as one defending consumer interests.

The Justice Department under Biden has been more aggressive than his predecessors in attempting to block mergers, with mixed success so far.

"Today's decision protects vital competition for books and is a victory for authors, readers, and the free exchange of ideas," said Assistant Attorney General Jonathan Kanter in a statement.

Penguin Random House, a subsidiary of Germany's Bertelsmann Group, dominates the publishing industry in the United States. It has 10,000 employees worldwide and nearly 15,000 books published per year.

Simon &amp; Schuster, owned by Paramount, is the fourth largest of America's "Big Five" publishing companies, which also include HarperCollins, Hachette Book Group USA and Macmillan Publishers.

Big-name writers on the roster at Simon &amp; Schuster include Stephen King and Doris Kearns Goodwin, while Barack and Michelle Obama and John Grisham have books published by Penguin Random House.

Simon &amp; Schuster is also preparing to release Prince Harry's memoir in 2023.&nbsp;

Penguin Random House expressed its strong displeasure on the ruling. It said that it will request an expedited appeal.

"We believe this merger will be pro-competitive, and we will continue to work closely with Paramount and Simon &amp; Schuster on next steps," it said in a statement.

Paramount said it was disappointed by the ruling. "We are reviewing the decision and discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal,” it said.

(With inputs from agencies)

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A US federal judge on Monday (October 31) blocked a USD 2.2 billion acquisition of publishing giant Simon & Schuster by its competitor Penguin Random House. The court has sided with the US Justice Department which had argued against the mega-merger.

A US federal judge on Monday (October 31) blocked a USD 2.2 billion acquisition of publishing giant Simon & Schuster by its competitor Penguin Random House. The court has sided with the US Justice Department which had argued against the mega-merger. The mega deal had been announced in November 2020. It would have brought two of America's five largest publishers together. US District Court Judge Florence Pan, in her ruling, said the government had convincingly shown that the merger would substantially lessen competition "in the market for the US publishing rights to anticipated top-selling books." The judge said that full reasoning for the decision would be issued under seal since it was based on confidential business information. The Justice Department has welcomed the decision. It has come only a week before crucial midterm elections. US President Joe Biden has tried to project his Democratic Party as one defending consumer interests. The Justice Department under Biden has been more aggressive than his predecessors in attempting to block mergers, with mixed success so far. "Today's decision protects vital competition for books and is a victory for authors, readers, and the free exchange of ideas," said Assistant Attorney General Jonathan Kanter in a statement. Penguin Random House, a subsidiary of Germany's Bertelsmann Group, dominates the publishing industry in the United States. It has 10,000 employees worldwide and nearly 15,000 books published per year. Simon & Schuster, owned by Paramount, is the fourth largest of America's "Big Five" publishing companies, which also include HarperCollins, Hachette Book Group USA and Macmillan Publishers. Big-name writers on the roster at Simon & Schuster include Stephen King and Doris Kearns Goodwin, while Barack and Michelle Obama and John Grisham have books published by Penguin Random House. Simon & Schuster is also preparing to release Prince Harry's memoir in 2023. Penguin Random House expressed its strong displeasure on the ruling. It said that it will request an expedited appeal. "We believe this merger will be pro-competitive, and we will continue to work closely with Paramount and Simon & Schuster on next steps," it said in a statement. Paramount said it was disappointed by the ruling. "We are reviewing the decision and discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal,” it said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Penguin-Simon & Schuster mega publisher merger blocked by US court

Former US vice president, Mike Pence, is back in the news after completing his term at the White House with <a href="https://www.wionews.com/topics/donald-trump">Donald Trump</a>, but this time it is about seven figures and two books.

Pence has signed a two-book deal which is reportedly worth millions of dollars in which he will be penning down his memories from his time at the <a href="https://www.wionews.com/topics/the-white-house">White House.</a>

Also read |&nbsp;<a href="https://www.wionews.com/world/twitter-blocks-phrase-hang-mike-pence-as-trump-supporters-turn-against-him-355959">Twitter blocks phrase 'Hang Mike Pence' as Trump supporters turn against him</a>

With the announcement of this deal, Pence has become the first high-position leader from Trump’s inner circle to pen such a memoir.

The autobiography is currently untitled and is scheduled for release in 2023. The book deal has been finalised with Simon &amp; Schuster, in seven figures, somewhere between $3 million to $4 million.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/donald-trump-may-not-have-pence-as-running-mate-report-367892" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/donald-trump-may-not-have-pence-as-running-mate-report-367892&amp;sa=U&amp;ved=2ahUKEwjggPql3e3vAhXFzjgGHU_iAYoQFjAAegQIAhAC&amp;usg=AOvVaw2-h6MIzziDxQhEhzGcOcdp" dir="ltr" href="https://www.wionews.com/world/donald-trump-may-not-have-pence-as-running-mate-report-367892" target="_blank">Donald Trump may not have&nbsp;Pence&nbsp;as running mate: Report</a>

"I am grateful to have the opportunity to tell the story of my life in&nbsp;service to the American people, from serving in Congress, to the Indiana governor's office and as vice-president of the United States," Pence said in a statement.

"I look forward to working with the outstanding team at Simon &amp; Schuster to invite readers on a journey from a small town in Indiana to Washington, DC."

His memoir, which comes after Trump supporters chanted "Hang Mike Pence" during the Capitol riots, is expected to be "revelatory", according to Simon &amp; Schuster’s vice-president, Dana Canedy.

"Vice-President Pence’s life and work, his journey as a Christian, the challenges and triumphs he has faced, and the lessons he has learned, tells an American story of extraordinary public service during a time of unrivaled public interest in our government and politics,"&nbsp;Canedy said.

"His revelatory autobiography will be the definitive book on one of the most consequential presidencies in American history."

Former US vice president, Mike Pence, is back in the news after completing his term at the White House with Donald Trump, but this time it is about seven figures and two books.

Former US vice president, Mike Pence, is back in the news after completing his term at the White House with Donald Trump, but this time it is about seven figures and two books. Pence has signed a two-book deal which is reportedly worth millions of dollars in which he will be penning down his memories from his time at the White House. Also read | Twitter blocks phrase 'Hang Mike Pence' as Trump supporters turn against him With the announcement of this deal, Pence has become the first high-position leader from Trump’s inner circle to pen such a memoir. The autobiography is currently untitled and is scheduled for release in 2023. The book deal has been finalised with Simon & Schuster, in seven figures, somewhere between $3 million to $4 million. Also read | Donald Trump may not have Pence as running mate: Report "I am grateful to have the opportunity to tell the story of my life in service to the American people, from serving in Congress, to the Indiana governor's office and as vice-president of the United States," Pence said in a statement. "I look forward to working with the outstanding team at Simon & Schuster to invite readers on a journey from a small town in Indiana to Washington, DC." His memoir, which comes after Trump supporters chanted "Hang Mike Pence" during the Capitol riots, is expected to be "revelatory", according to Simon & Schuster’s vice-president, Dana Canedy. "Vice-President Pence’s life and work, his journey as a Christian, the challenges and triumphs he has faced, and the lessons he has learned, tells an American story of extraordinary public service during a time of unrivaled public interest in our government and politics," Canedy said. "His revelatory autobiography will be the definitive book on one of the most consequential presidencies in American history."

Revelatory: Mike Pence signs seven-figure two-book deal for memoir

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Penguin-Simon & Schuster mega publisher merger blocked by US court

Revelatory: Mike Pence signs seven-figure two-book deal for memoir