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Penguin Random House, the world’s largest publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann said in a statement.
Bertelsmann, a German media group, initially said it would appeal a US judge’s decision which said its bid to acquire Simon & Schuster was illegal because it would hit authors’ pay.
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.”
Reuters reported on Sunday that the German company was unable to convince Paramount Global, Simon & Schuster’s owner, to extend their deal agreement and appeal the judge’s decision.
