fbpx
Big Law

Paramount Tosses Out $2.2 Billion Deal to Sell Simon & Schuster to Penguin

Paramount Global said Monday it scrapped its $2.2 billion deal to sell book publisher Simon & Schuster to rival Penguin Random House, weeks after a federal judge rejected the merger.

Penguin, which is owned by German media conglomerate Bertelsmann, said it still believes Simon & Schuster is a good fit for its business but that it accepted Paramount’s decision.

“We believe the judge’s ruling is wrong and planned to appeal the decision, confident we could make a compelling and persuasive argument to reverse the lower court ruling on appeal,” Penguin said in a statement Monday afternoon. “However, we have to accept Paramount’s decision not to move forward.”

Read the source article at cnbc.com

    Leave a Review or Comment

    Your email address will not be published. Required fields are marked *

    Back to top button