Justice Department Sues To Block Penguin Random House's Proposed Acquisition Of Simon & Schuster
NEW YORK (CBSNewYork) -- The Justice Department is suing to block a proposed acquisition of Simon & Schuster by Penguin Random House.
The DOJ argues it would give Penguin Random House "outsized influence" over what is published and how much authors are paid.
Simon & Schuster's president and CEO says Penguin Random House is determined to fight for the deal, and Simon & Schuster will do all it can to help.
In a statement, Jonathan Karp said, "Simon & Schuster and Penguin Random House strongly disagree with the DOJ that this transaction will harm competition and believe firmly that there is no basis for these claims."
ViacomCBS is the parent company of Simon & Schuster and of CBS2.
