Paramount scraps $2.2bn sale of Simon & Schuster publishing to Penguin

Penguin owner Bertelsmann will not appeal US judge’s ruling that merger would be illegal because it would hit authors’ pay Penguin Random House, the world’s largest book publisher, and rival Simon & Schuster have scrapped a $2.2bn deal to merge, Penguin’s owner said in a statement on Monday. Bertelsmann, a German media group which owns Penguin, initially said it would appeal a US judge’s decision that said its purchase of Simon & Schuster would be illegal because it would hit authors’ pay. Continue reading...