Stephen King Testifies – He Wants an Intervention!
(NewsReady.com) – In November 2020, news broke that Penguin Random House, the biggest book publisher in America, was going to purchase Simon & Schuster. The Department of Justice (DOJ) announced it was suing to stop the merger a year later. One of the most popular authors in the world is now jumping into the fight.
On Tuesday, August 1, Stephen King took the stand at the trial at the US District Court in Washington to block the deal from going through. According to UPI, the novelist said he agreed to testify because he thinks “consolidation is bad for competition.” He told the court that there have been so many mergers in the industry, it’s creating a situation where publishers are deferential to their competition. That impacts how much writers are being paid for their work.
Stephen King testified in the antitrust trial aiming to block Penguin Random House from acquiring Simon & Schuster: “I think that consolidation is bad for competition. It becomes tougher and tougher for writers to find money to live on.” https://t.co/tahrv0iKU7
— Variety (@Variety) August 3, 2022
Penguin House has said it would let Simon & Schuster bid against it. However, King called the idea “ridiculous,” comparing it to a husband and wife competing for a house.
In its 2021 notification, Attorney General Merrick Garland said the lawsuit is to “ensure fair competition” in the industry. He pointed out that only five publishers are in control and said this merger would give Penguin “unprecedented control over” publishing.
How do you feel about the merger? Do you think the DOJ should get involved, or should this be left up to the free market?
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