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Big Law

Author Stephen King Claims Writers Are Hurting as a Result of the Merger Efforts Between Popular Publishing Companies

Horror author Stephen King said writers will have fewer places to shop their books if Penguin Random House is allowed to merge with Simon & Schuster, in testimony on Tuesday in a trial to determine if the deal may go forward.

In a trial that began on Monday, the U.S. Justice Department is trying to convince a federal judge to block a $2.2 billion merger of two of the “Big Five” book publishers. It has argued the deal would lead to lower advances for some authors who earn $250,000 or more rather than a more traditional argument that consumers would pay more for books.

King, author of “The Shining,” “Carrie” and other blockbusters, took issue with pledges that the companies have made to allow Simon & Schuster imprints, basically different brands of books, to continue to bid against Penguin Random House independently for books.

Read the source article at cnbc.com

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