Biden judge to hear U.S. challenge of Penguin Random House deal for Simon & Schuster
Reuters
Published Nov 04, 2021 12:52PM ET
WASHINGTON (Reuters) - Judge Florence Pan, who was confirmed to the U.S. District Court for the District of Columbia in September, has been tapped to hear the Justice Department's bid to block Penguin Random House's deal to acquire competitor Simon & Schuster.
The department said this week that the $2.175 billion deal would give the merged publishing company "outsized influence" over what Americans read.
Pan had initially been nominated to the court by then-President Barack Obama in 2009 but her nomination expired without confirmation. She spent 2009-2021 as an Associate Judge of the District of Columbia Superior Court. President Joe Biden re-nominated her in March.
German media group Bertelsmann, which owns Penguin Random House, last year agreed to buy Simon & Schuster from ViacomCBS (NASDAQ:VIAC), strengthening its presence in the United States and adding novelist Stephen King, Pulitzer Prize-winner Anthony Doerr and veteran journalist Bob Woodward (NASDAQ:WWD) to its stable of authors.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.