Legendary author Stephen King testified on Tuesday in an antitrust trial on behalf of the government aimed at preventing Penguin Random House from acquiring fellow publishing giant Simon & Schuster from Paramount Global.
The prolific author has long been associated with Simon & Schuster. But he testified against the $2.1 billion deal in Washington, D.C. federal court, supporting the government’s argument that the deal would harm authors by limiting the market for new manuscripts.
Variety . Other Movies-TV Shows of
According to the Associated Press, in the bench trial, King defeated US District Court Judge Florence J. Testified before Pan, “I came because I think consolidation is bad for competition.” “It gets harder and harder for writers to find money to make a living.”
King disputed Penguin Random House’s argument that the acquisition would not result in the loss of an independent bidder because Simon & Schuster would operate autonomously from other publishing labels in Penguin’s groups.
According to the AP, King said, “You could even say you’re going to have a husband and wife bid against each other for the same house.” “It would be very gentle and kind of, ‘after you’ and ‘after you’.”
King testified that the publishing landscape has changed dramatically since the beginning of his career in the mid-1970s, with best-selling books such as “Carrie,” “The Shining” and “The Stand,” according to the AP. .
The Biden administration stunned the industry last year by targeting a transaction unveiled in November 2021. Given the rapid expansion of the media landscape over the past 25 years, the investigation into consolidation across the oldest media platforms has been a head-scratching few.
Penguin Random House is the largest publisher in the world, and Simon & Schuster is the fourth largest. The government’s thesis is that the combination would reduce advances for top-selling authors and ultimately harm consumers, resulting in fewer books being published.
best of variety
Sign up for the Variety newsletter. Follow us on Facebook, Twitter and Instagram for the latest news.
Click here to read the full article.