Paramount has decided not to sell Simon & Schuster to Penguin Random House after all. The mega acquisition, which would have created an even larger book-publishing behemoth than PRH already is, was blocked by a US court three weeks ago before Paramount announced its decision not to sell.
The consolidation was stopped citing harm to fair competition. Jonathan Karp, president and chief executive of Simon & Schuster, announced the decision to terminate the sale agreement on Monday by, reported Los Angeles Times.
PRH had decided to appeal against the judgement. A company spokesperson said PRH will accept Paramount’s decision not to conclude the sale in this case. However, Paramount may look for another buyer.