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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.

☆ Donald Trump again teases 2024 presidential bid, saying he'll make a 'big announcement' on November 15 — the same day Mike Pence's memoir is scheduled to be published
▼ + stars: | 2022-11-08 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

Donald Trump once again alluded to announcing a campaign for the White House on Monday. In an Ohio campaign rally, Trump said he'll make a "big announcement" on Nov. 15. Former Vice President Mike Pence's memoir "So Help Me God" is set to publish the same day. Trump added he has a "big announcement" planned for November 15 at Mar-a-Lago, but did not want to "detract from the importance" of tomorrow's election day. The former president has repeatedly hinted at a possible campaign announcement ahead of the midterms but has not specifically committed to running.

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.

☆ Penguin Seeks Simon & Schuster’s Support to Fight for Imperiled Book Merger
▼ + stars: | 2022-11-03 | by ( Jessica Toonkel | Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Penguin Random House said it would request an expedited appeal of a judge’s ruling blocking a merger with Simon & Schuster. Book-publishing giant Penguin Random House wants to appeal a federal judge’s decision blocking its acquisition of Simon & Schuster, but the first step is to ensure its would-be deal partner stays in the legal fight. Penguin parent Bertelsmann SE has had talks with Simon & Schuster owner Paramount Global about offering inducements, including cash, that would lead Paramount to support an appeal and continue pursuing the transaction, according to people familiar with the situation.

☆ Forget about making money. Here’s what it takes to write a book
▼ + stars: | 2022-11-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

If you want an idea of how ridiculous the book publishing industry is, look no further than the proposed Penguin Random House-Simon & Schuster merger. Penguin Random House has said it would appeal. A 2018 survey of 5,067 authors conducted by the Authors Guild found that the median income of the authors surveyed had fallen to $6,080 in 2017. Earnings from book income alone was a paltry $3,100, indicating that authors were supplementing their incomes through speaking engagements, book reviewing, or teaching. The Authors Guild report notes the explosive growth of alternative ways for consumers to spend their time (video and streaming).

☆ Bertelsmann: plans to appeal ruling on Penguin Random House book merger
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 1 (Reuters) - German media group Bertelsmann SE & Co (BTGGg.F), owner of Penguin Random House, said on Tuesday it would appeal a ruling by a U.S. court against a planned merger of Penguin and rival Simon & Schuster. "A merger would be good for competition," said Bertelsmann Chief Executive Thomas Rabe in a statement, adding: "We will be filing a motion to appeal with the D.C. Court of Appeals." Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Penguin Random House Blocked From Acquiring Rival Publisher Simon & Schuster
▼ + stars: | 2022-11-01 | by ( Jeffrey A. Trachtenberg | Jan Wolfe | ) www.wsj.com time to read: 1 min

Penguin Random House sought to acquire Simon & Schuster for roughly $2 billion. A federal judge on Monday blocked Penguin Random House from acquiring rival book publisher Simon & Schuster for about $2.18 billion, agreeing with the Justice Department that the planned merger would unlawfully lessen competition. (More to come)

☆ Penguin Random House-Simon & Schuster merger is blocked by judge
▼ + stars: | 2022-11-01 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

Penguin Random House quickly condemned the ruling, which it called “an unfortunate setback for readers and authors.” In its statement Monday, the publisher said it would immediately seek an expedited appeal. The publishing industry has been consolidating for years with little interference from the government, even when Random House and Penguin merged in 2013 and formed what was then the biggest publishing house in memory. The joining of Penguin Random House and Simon & Schuster would have created a company far exceeding any rival. Penguin Random House’s global CEO, Markus Dohle, had promised that imprints of Penguin Random House and Simon & Schuster would still be permitted to bid against each other for books. Pan otherwise persistently challenged Penguin Random House’s assurances that the merger would not reduce competition.

☆ Stephen King makes for unlikely antitrust hero
▼ + stars: | 2022-11-01 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

A U.S. judge blocked Penguin Random House’s $2.2 billion acquisition of rival Simon & Schuster on Monday after the Department of Justice argued it would unfairly limit pay for top authors such as Stephen King. Adding Simon & Schuster would give it 70% of the literary nonfiction market, according to NPD Book Scan. The Department of Justice drew a line in its challenge to Penguin, distinguishing highly paid writers from the rest. Follow @jennifersaba on TwitterloadingCONTEXT NEWSA U.S. judge on Oct. 31 ruled that a planned $2.2 billion merger of Penguin Random House and rival Simon & Schuster cannot go forward. German media group Bertelsmann, the owner of Penguin, agreed to buy Simon & Schuster from Paramount Global in 2020.

☆ Judge blocks Penguin Random House takeover of Simon & Schuster
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJudge blocks Penguin Random House takeover of Simon & SchusterA federal judge has blocked Penguin Random House's planned takeover of Simon & Schuster, agreeing with the Justice Department that the deal would hurt competition among book sellers.

☆ What Cramer is watching Tuesday — big J&J deal, Lilly guidance light, Biden scolds Big Oil
▼ + stars: | 2022-11-01 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Club holding J ohnson & Johnson (JNJ) buys Abiomed (ABMD), premier heart pumping company, in a deal valued at $16.6 billion. J & J is paying a hefty premium: $380-per-share upfront, plus extra $35-per-share if certain milestones are met. J & J juiced growth ahead of its separation into two companies: one, pharma and the other, consumer brands. This will raise the growth rate of the MedTech portion of new J & J company. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) very good: $516 million versus $470 million expected.

☆ Judge blocks Penguin Random House’s purchase of Simon & Schuster
▼ + stars: | 2022-10-31 | by ( Cnn Business Staff | ) edition.cnn.com time to read: +1 min

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.

WASHINGTON, Oct 31 (Reuters) - A planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster cannot go forward, a U.S. judge ruled on Monday. Unlike most merger fights, which are focused on what consumers pay, this one focused on authors' earnings. 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. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. 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.

☆ Xi’s ‘action men’ now lead China’s military. Here’s what that means for Taiwan
▼ + stars: | 2022-10-27 | by ( Brad Lendon | ) edition.cnn.com time to read: +7 min

The rhetoric from both sides and Beijing’s recent maneuvers have stoked fears that an attempted Chinese military takeover of Taiwan could be next on the horizon. Besides that joint command experience, He possesses another key attribute sought in top PLA leadership – field experience in hostile situations. Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center, said He was one of Xi’s “action men” on the military commission. Zhang served on the previous military commission and has been retained and promoted despite being past the unofficial retirement age of 68. There’s just too much work to be done with Xi’s military modernization to achieve good odds of success, they said.

Persons: Xi Jinping’s, Xi, –, Tsai Ing, ”, James Char, ” Char, Weidong, Nancy Pelosi, Rod Lee, Lee, Xi Jinping, ” Lee, Carl Schuster, Zhang Youxia, Zhang, Xi’s, Meia Nouwens, Joel Wuthnow, he’s, ” Wuthnow, Zhang’s, Li Shangfu, Wuthnow, There’s, “, Char Organizations: CNN, Central Military Commission, Communist Party’s National, People’s Liberation Army, PLA, Chinese Communist Party, China Program, Institute of Defense, Strategic Studies, Theater Command, Eastern Theater Command, US Air Force Air, China Aerospace Studies Institute, People’s Armed Police, Pacific Command’s Joint Intelligence Center, International Institute for Strategic Studies, Center, Chinese Military Affairs, US National Defense University, Party, US Air University Locations: China, Taiwan, Beijing, Taiwan Strait, Asia, Singapore, India

☆ Lana Del Rey says laptop containing her new album was stolen
▼ + stars: | 2022-10-21 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Lana Del Rey says she was robbed of a backpack that contained her laptop, which had her new album on it. The singer said along with the computer, multiple hard drives and a camera were also stolen. “A few months ago, I parked my car on Melrose Place — actually Melrose Ave. in Los Angeles — and I stepped away for a minute,” she said on Instagram. “I had to remotely wipe the computer that had my 200-page book for Simon and Schuster—which I didn’t have backed up on the cloud,” Del Rey said. Del Rey concluded: “Obviously I won’t ever leave anything in the car again, even if it’s just for a moment.

☆ Billionaire hedge fund titan Seth Klarman reveals how he finds investments that meet his standards and his 2 favorite principles of investing
▼ + stars: | 2022-10-18 | by ( David Rubenstein | ) www.businessinsider.com time to read: +7 min

David Rubenstein: You and Warren Buffett, with whom you have often been compared, are probably the two best-known and successful value investors. What skills are required to be a successful value investor? Simon and Schuster: The basic practice of value investing is trying to buy dollars for 50 cents, sometimes 60 or70 cents — in effect, buying bargains. Early on in the 1920s and 1930s, Benjamin Graham wrote about value investing. In terms of the requirements to be a value investor, the skill set, first of all, people need to be patient and disciplined.

☆ NFL roundup: Bills edge Chiefs in AFC Divisional round rematch
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +9 min

Allen passed for 329 yards and three touchdowns for the Bills, who have the best record in the AFC. Register now for FREE unlimited access to Reuters.com RegisterButker booted a 44-yard goal to give the Chiefs a 20-17 lead with 9:49 remaining in the fourth quarter. Jimmy Garoppolo threw two first-half touchdown passes to Brandon Aiyuk, but also mixed in a pair of interceptions on a 29-for-41, 296-yard day. Bengals 30, Saints 26Joe Burrow threw three touchdown passes as visiting Cincinnati came from behind in the fourth quarter to defeat New Orleans. The two connected on a scoring strike with 9:55 left in the fourth quarter to help the Steelers snap a four-game losing skid.

☆ Marc Andreessen on the best investment advice he's ever received and 4 other money insights
▼ + stars: | 2022-10-16 | by ( David Rubenstein | ) www.businessinsider.com time to read: +4 min

Marc Andreessen: From Warren Buffett, probably: Put all your eggs in one basket and watch that basket. Marc Andreessen: People read about something in the paper, see it on TV, and take a flyer without deeply understanding it. Marc Andreessen: For most forms of investing, the mistakes are the investments you make where you lose money. David Rubenstein: If somebody wants to be a venture capital investor, what would you like them to know most about the art of` venture capital investing? Marc Andreessen: It's an alchemy of understanding people, understanding technology, understanding markets.

☆ William Shatner describes space travel in new book "Boldly Go"
▼ + stars: | 2022-10-10 | by ( Jackie Wattles | ) edition.cnn.com time to read: +8 min

CNN interviewed him in June about the book, his trip to space with the Jeff Bezos-backed space tourism company Blue Origin, and what’s next for the 91-year-old. William Shatner: Fifty-five or 60 years ago I read a book called “Silent Spring” by Rachel Carson. Shatner: The whole idea here is to get people accustomed to going to space, as if it’s like going to the Riviera. The song “So Fragile, So Blue,” is very much about my experience in space. And then I have my book, called “Boldly Go,” coming out in the fall.

☆ Woody Allen announces his retirement
▼ + stars: | 2022-09-18 | by ( ) www.nbcnews.com time to read: +2 min

Woody Allen has announced his retirement from filmmaking. While in Europe to work on his 50th film, Woody Allen told Spanish newspaper La Vanguardia that he intended to retire from making movies and to dedicate more time to writing during his twilight years. What is now set to be his final film is set in Paris and will be shot entirely in French in a couple of weeks. Allen has been shooting more often in Europe as his support in the U.S. has plunged given the abuse accusations against him. In 2020, he opened the San Sebastian Film Festival with “Rifkin’s Festival,” shot in and around the tony city of San Sebastian.

☆ Meet Matt Krause, the man who critics say helped make Texas a national leader in book bans
▼ + stars: | 2022-09-18 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +11 min

Texas now has the highest number of book bans in the US. Texas is now a leader in book bans, and one influential politician — along with pressure from the GOP — may have been the driving force, a Houston Chronicle investigation found. By April 2022, a PEN America analysis found that Texas had 713 bans, nearly half of all book bans in the US. Some politicians and parent groups disagreed with the inquiryKrause denies any political motivations behind the book list, but critics disagree. For Foote, the book bans represent GOP political motivations, citing school board officials and lawmakers who have begun their own book challenges.

Hundreds of clinical trials are testing psychedelic drugs like LSD and MDMA as medical treatments. Insider is tracking the key experiments that will show whether or not psychedelics actually work. Our psychedelics clinical trial tracker is available exclusively to Insider subscribers. To find out whether psychedelics can really work as treatments for PTSD, depression, and other ailments, researchers are testing them in clinical trials. Click here to see our interactive tracker monitoring these clinical trials.

About 100 experiments are in progress worldwide, examining psychedelics' potential as medicines. Insider identified 19 key trials that could make or break the psychedelics industry's future. About 100 clinical trials are underway worldwide, examining the potential of psychedelics as treatments for health conditions, including post-traumatic stress disorder, severe depression, and anorexia. Phase III trials test the compounds in larger numbers of people with the condition. Companies use information from their Phase II studies to design Phase III trials and persuade the regulator to OK the design.

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