A federal judge has blocked publisher Penguin Random House from acquiring rival Simon & Schuster Inc. for $2.175 billion, ruling in favor of the Justice Department.
“Upon review of the extensive record and careful consideration of the parties’ arguments, the Court finds that the United States has shown that ’the effect of [the proposed merger] may be substantially to lessen competition' in the market for the U.S. publishing rights to anticipated top-selling books,” Judge Florence Y. Pan wrote in a two-page order.
