New York CNN Business —A federal judge blocked Penguin Random House from buying Simon & Schuster, arguing that the combination of the two book business giants would illegally reduce competition. The ruling, most of which remained confidential, comes nearly a year after the Justice Department sued to block the deal. US District Court Judge Florence Pan agreed with the Biden administration that the deal should not be allowed to go forward. Penguin Random House and Simon & Schuster are two members of the “Big Five,” the industry’s term for the five biggest publishers in the United States. Simon & Schuster’s parent, Paramount, and Penguin Random House, a subsidiary of German media giant Bertelsmann, announced the $2.175 billion deal in November 2020.

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