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☆ The Year in Fiction: In a Stifling Atmosphere, Finding a Taste of Freedom
▼ + stars: | 2022-12-30 | by ( Sam Sacks | ) www.wsj.com time to read: +1 min

In a trial that involved the testimony of Stephen King, federal prosecutors argued that further consolidation of the book industry would reduce competition, depress author payments and bring about a bleakly monocultural book market. But the unspoken reason the prosecutors convinced was that they described not some dystopian publishing future but simply an intensification of the way the business already works. As it stands, the Big Five book publishers, PRH and S&S among them, are responsible for roughly 80% of the U.S. book market. The demands of corporatization mean that an increasing amount of their activity is devoted to the generation and publicizing of bestsellers. The outlook begins to resemble a film industry monopolized by comic-book franchises.

This year brought a fascinating and eclectic number of books by Latino authors to store shelves and online selections, spanning different genres and earning high praise from readers and reviewers alike. Below is our list of 10 very distinctive works by U.S. Latino authors. The compelling novel has been recognized as one of the top 10 books of 2022 by The New York Times and The Washington Post and as one of the best books of 2022 by Time, NPR, Vogue, Oprah Daily and others. Although Villanueva's life took a different turn, many of his followers and their children, known as "Inca Jews," are still in Israel. She writes about how an abortion saved her life and candidly details her experiences dealing with suicidal thoughts and depression.

☆ Microsoft tells judges its $69 billion Activision deal would benefit gamers
▼ + stars: | 2022-12-22 | by ( ) edition.cnn.com time to read: +2 min

Microsoft Corp said on Thursday its $69 billion bid to buy “Call of Duty” maker Activision Blizzard would benefit gamers and gaming companies alike. “The acquisition of a single game by the third-place console manufacturer cannot upend a highly competitive industry. That is particularly so when the manufacturer has made clear it will not withhold the game,” Microsoft said in Thursday’s filing. The US Department of Justice recently stopped a $2.2 billion merger of Penguin Random House, the world’s largest book publisher, and smaller US rival Simon & Schuster. The Microsoft deal is also facing scrutiny outside the United States, with the European Union saying it would decide by March 23, 2023, whether to clear or block the deal.

☆ Why the Taylor Swift debacle could lead to renewed scrutiny of the Ticketmaster/Live Nation merger
▼ + stars: | 2022-12-22 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Lawmakers and Swifties are calling for the Ticketmaster/Live Nation merger to be reexamined. The Department of Justice was reportedly investigating the merger prior to the Eras Tour madness. Now, the Department of Justice is reportedly investigating the Ticketmaster/Live Nation merger, a probe that began even before the Eras Tour debacle. That's the kind of merger critics argue happened with Live Nation and Ticketmaster. Live Nation has not incurred any of those penalties.

☆ Penguin Random House CEO Resigns Weeks After Simon & Schuster Deal Was Blocked
▼ + stars: | 2022-12-09 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Markus Dohle, CEO of Penguin Random House, had been confident that regulators would approve the purchase of Simon & Schuster. Markus Dohle has resigned as chief executive of Penguin Random House weeks after a federal judge blocked the world’s largest consumer-book publisher from acquiring rival Simon & Schuster. He is being succeeded by Nihar Malaviya , 48 years old, currently president and chief operating officer of Penguin Random House U.S., who will serve as interim CEO effective Jan. 1.

☆ Penguin Random House CEO steps down weeks after judge blocked Simon & Schuster merger
▼ + stars: | 2022-12-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Penguin Random House said Friday that CEO Markus Dohle will step down at the end of the year, weeks after the collapse of a deal to merge Penguin with Simon & Schuster. A federal judge sided with the Justice Department and blocked Penguin's $2.2 billion acquisition of Simon & Schuster in late October. Soon after the judge's decision, Paramount Global , which owns Simon & Schuster, officially pulled the plug on the deal. "We regret Markus Dohle's decision to leave Bertelsmann and Penguin Random House," said Christoph Mohn, chairman of Penguin parent Bertelsmann's supervisory board. "He has sustainably focused Penguin Random House on growth and profitability.

☆ Penguin Random House CEO to quit after merger blocked
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 9 (Reuters) - Penguin Random House head Markus Dohle will step down at the end of the year after a U.S. judge blocked a planned $2.2 billion merger of the world's largest publisher and rival Simon & Schuster, the company said in a statement on Friday. Nihar Malaviya, who is president and chief operating officer of Penguin Random House U.S., will take over as interim CEO from Jan. 1, the company said. Thomas Rabe, chief executive of Penguin's German owner Bertelsmann (BTGGg.F), expressed full confidence in Malaviya, who he said had a chance of permanently becoming CEO. With the deal's dissolution, Penguin will pay a $200 million termination fee to Paramount. Reporting by Klaus Lauer, Writing by Miranda Murray, Editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. seeks to stop Microsoft's $69 bln bid for games maker Activision
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] A person walks past a Microsoft store in the Manhattan borough of New York City, New York, U.S., January 20, 2022. REUTERS/Carlo Allegri/File PhotoWASHINGTON, Dec 8 (Reuters) - The Biden administration filed a complaint on Thursday aimed at blocking tech giant Microsoft's (MSFT.O) $69 billion bid to buy "Call of Duty" games maker Activision , over concerns the deal would deny rivals access to popular games. Microsoft, which owns the Xbox, said in January 2022 that it would buy Activision for $68.7 billion in the biggest gaming industry deal in history. Shares in Microsoft and Activision both fell on news of the FTC complaint. Chair Lina Khan and the two Democrats on the commission voted to approve the complaint, while Commissioner Christine Wilson voted no.

☆ A new species of penguin-like diving dinosaur has been discovered
▼ + stars: | 2022-12-04 | by ( Zoe Sottile | ) edition.cnn.com time to read: +4 min

CNN —A new study found evidence at least one species of dinosaur may have been an adept swimmer, diving into the water like a duck to hunt its prey. The study, published in Communications Biology on December 1, describes a newly-discovered species, Natovenator polydontus. Scientists from Seoul National University, the University of Alberta, and the Mongolian Academy of Sciences collaborated on the paper. The Natovenator specimen is very similar to Halszkaraptor, another dinosaur discovered in Mongolia, which scientists believe was likely semiaquatic. “There is a real question of, OK, you’ve got a swimming dinosaur in the desert, what’s it swimming in?” he said.

☆ Peter Thiel thinks Elon Musk is a ‘fraud,’ and 6 other unexpected details about the billionaires' love-hate relationship
▼ + stars: | 2022-12-02 | by ( Dorothy Cucci | ) www.businessinsider.com time to read: +5 min

Thiel and his allies conspired against Musk and replaced him as PayPal CEO while Musk was on his honeymoon. In a new biography, Max Chafkin shares surprising details about Thiel and Musk's relationship, through all of its ups and downs. Here are seven surprising details about Musk and Thiel that provide a glimpse into their long and often-fraught relationship. A source who spoke to both men said that Musk thinks Thiel is "a sociopath," and Thiel considers Musk "a fraud." Musk and Thiel, while longtime collaborators, are fundamentally opposites: Musk is considered an outgoing, eccentric risk-taker, and Thiel is known as a cautious introvert.

☆ Activision acquisition would be good for Microsoft and the overall stock market
▼ + stars: | 2022-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

That implies that the other 35% of the market is made up of firms with equal to or less than about a 2% market share. For simplicity's sake, let's say an additional 17 firms have a 2% market share each to bring us to 100% of the market. That means the HHI, calculated by the market share number squared and then added together for all 27 companies, would be under 650. If the Microsoft-Activision Blizzard deal goes through, and you combine the market share concentration of the two companies, the HII would be just over 700. The other issue is how one measures the gaming market.

☆ A Penguin-Like Shape May Have Helped This Dinosaur Dive
▼ + stars: | 2022-12-01 | by ( Kate Golembiewski | ) www.nytimes.com time to read: +1 min

And then there are penguins, which plunge a quarter-mile deep into icy waters in search of food. It now seems that modern birds are not the only dinosaur group to embrace the plunge-and-prey lifestyle. A team of researchers say they have found the earliest example of an extinct dinosaur with a body that was streamlined for diving. They described the dinosaur discovery in the journal Communications Biology on Thursday. The new duck-size dinosaur was at first overlooked.

☆ If the Biden administration doesn't step in to block the $25 billion Kroger-Albertsons merger, it will be devastating for shoppers and grocery-store workers — while the rich shareholders will get rich
▼ + stars: | 2022-11-23 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

Last month, Kroger announced a $25 billion deal to merge with grocery chain Albertsons. During the pandemic last year, local city councils in Long Beach and Seattle passed "hero pay" laws requiring grocery stores to pay their public-facing workers $4 extra per hour. Last month, Kroger announced a $25 billion deal to merge with Albertsons, another major national grocery chain. In the press release announcing the merger, Kroger promised that the consolidation would result in lower prices for customers and better compensation and benefits for workers. But the larger Kroger-Albertsons merger is still on track to conclude in 2024, unless the Biden administration steps in to stop it.

☆ Paramount Global Terminates Deal to Sell Publisher Simon & Schuster to Rival Penguin Random House
▼ + stars: | 2022-11-22 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Paramount Global’s comments about its Simon & Schuster unit suggested the book publisher might again find itself on the sales block. Paramount Global , which owns the Simon & Schuster book-publishing unit, said in a federal filing Monday that it has terminated its agreement to sell Simon & Schuster to rival Penguin Random House. Paramount said that Simon & Schuster “remains a non-core asset” and that the publisher “does not fit strategically within Paramount’s broader portfolio,” suggesting Simon & Schuster eventually will go back on the sales block.

☆ Paramount Won’t Support Appeal of Ruling That Blocked Simon & Schuster’s Sale to Penguin
▼ + stars: | 2022-11-21 | by ( Jessica Toonkel | Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Penguin Random House had said it wanted to pursue an expedited appeal, but it needed the support of Simon & Schuster parent Paramount Global. Paramount Global has decided not to support an appeal of a recent ruling that blocked the planned $2.18 billion sale of its Simon & Schuster book-publishing unit to rival Penguin Random House, according to people familiar with the situation. Paramount is expected to announce a decision early this week, the people said.

☆ Paramount scraps deal to sell Simon & Schuster to Penguin after weeks after judge rejected merger
▼ + stars: | 2022-11-21 | by ( Mike Calia | ) www.cnbc.com time to read: +2 min

The U.S. Department of Justice is suing Penguin Random House and Simon & Schuster to block the companies from completing a merger valued at $2.175 billion. 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. Paramount also indicated that it would still seek to unload Simon & Schuster. "Simon & Schuster is a highly valuable business with a recent record of strong performance," Paramount said.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Penguin Random House’s $2.2 billon deal for Simon & Schuster is over
▼ + stars: | 2022-11-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: 1 min

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Many were especially wary of Penguin Random House — already by far the largest publisher in the United States — getting even bigger by absorbing a rival. Penguin Random House has about 100 imprints; together they publish more than 2,000 titles a year. The merger would have given it Simon & Schuster’s approximately 50 imprints, as well as the company’s vast and valuable backlist of older titles. “The market is already too consolidated,” said Mary Rasenberger, chief executive of the Authors Guild, an advocacy group for writers that opposed the purchase. The company’s recent performance has been strong, even as the results have sagged at other major publishers.

Persons: Simon, Schuster —, United States —, Schuster’s, ”, Mary Rasenberger, Simon & Schuster Organizations: Random, HarperCollins, Macmillan, Hachette, Penguin, United States, Justice Department, Guild, Simon & Locations: United

The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ White House on Taylor Swift Ticketmaster debacle: Capitalism without competition is exploitation
▼ + stars: | 2022-11-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

White House Press Secretary Karine Jean-Pierre answers questions during the daily press briefing at the White House in Washington, August 9, 2022. Declining to comment on "any potential investigation" by the Justice Department, Jean-Pierre said Biden has been clear on how he feels about companies that hold monopolies. Ticketmaster, part of Live Nation, is facing scrutiny for its roll out of Taylor Swift concert tickets. The New York Times reported Friday the Justice Department had opened an antitrust probe into Live Nation after the fiasco. Live Nation Entertainment is a merger between Ticketmaster and Live Nation in 2010.

☆ I quit my job as a Goldman Sachs VP to write romance novels. It was scary but worth the career change.
▼ + stars: | 2022-11-18 | by ( Lindsay Macmillan | ) www.businessinsider.com time to read: +7 min

She left Wall Street to pursue her passion during the Great Resignation. I left my job at Goldman Sachs to pursue my lifelong dream of being an author. In my last few years at the firm, I had an uncommonly good work-life balance for Wall Street, logging only about fifty hours a week. In the midst of the rejections and self-doubt in the years leading up to the book deals, I was grateful for my Wall Street job. In my first job at Goldman, I'd been the only woman investor on my NYC team of twenty men.

WASHINGTON, Nov 7 (Reuters) - A U.S. judge cited negative impacts on top-selling authors in blocking a planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster, according to a written opinion released Monday. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. Pan said those best-selling authors "have fewer outlets that can satisfy their requirements, and therefore are vulnerable to anticompetitive behavior." Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Stormzy: After conquering music world, rapper targets racial inequality in football
▼ + stars: | 2022-11-04 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +2 min

CNN —Premier League clubs Manchester United and Fulham are among the organizations that are partnering with rapper Stormzy’s Merky FC to improve diversity and representation at all levels of the football industry. “That statistic is embarrassing,” said the Croydon-born rapper who is set to launch the program next year. Rapper Stormy (C) has also been working in publishing and education to improve diversity and inclusion. “Hopefully with what we’re doing we can drive a change.”This isn’t the first time that Stormzy has worked within an industry to improve representation. The rapper has also provided scholarships for black students attending Cambridge University to improve the number of who attend the university.

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