Stephen King Testifies Against Penguin's Proposed $2 Billion Merger

Stephen King Testifies , Against Penguin's Proposed , $2 Billion Merger.

Bloomberg reports that author Stephen King has testified against Penguin Random House's $2.18 billion acquisition of Simon & Schuster.

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Bloomberg reports that author Stephen King has testified against Penguin Random House's $2.18 billion acquisition of Simon & Schuster.

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The best-selling author reportedly argued that the proposed acquisition would weaken competition in the publishing industry.

On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.

On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.

According to King, consolidation in the publishing industry has led to lower pay for authors over the course of his long career.

According to King, consolidation in the publishing industry has led to lower pay for authors over the course of his long career.

It becomes tougher and tougher for writers to find enough money to live on, Stephen King, Antitrust suit testimony, via Bloomberg.

Bloomberg reports that the deal would see Penguin, the top book publisher, take over Simon & Schuster, the fourth largest.

Bloomberg reports that the deal would see Penguin, the top book publisher, take over Simon & Schuster, the fourth largest.

The government's antitrust suit alleges that the acquisition will result in lower advances for authors and fewer choices for consumers.

The government's antitrust suit alleges that the acquisition will result in lower advances for authors and fewer choices for consumers.

The companies argue that the merger will not affect internal competition between Penguin and Simon & Schuster.

Bloomberg reports that King openly mocked this claim while testifying.

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Most of King's library of books are published by Simon & Schuster's imprint Scribner.

According to King, the five largest publishers, which would include Simon & Schuster, have largely squeezed out independent book stores.

According to King, the five largest publishers, which would include Simon & Schuster, have largely squeezed out independent book stores