Penguin Random House’s proposed $2.2bn acquisition of Simon & Schuster has collapsed over antitrust concerns, ending a costly two-year effort to create a book publisher of unprecedented scale.
Simon & Schuster’s parent company, Paramount Global, sounded the death knell for the deal on Monday by deciding not to appeal a ruling by a US federal judge that earlier this month blocked the tie-up on the grounds it would damage competition.
The collapse is a serious blow to German media group Bertelsmann, the owner of Penguin Random House, whose leaders pursued the publishing megamerger despite warnings that it would push the limits of competition law.
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