{"id":11744,"date":"2021-11-09T02:14:00","date_gmt":"2021-11-09T09:14:00","guid":{"rendered":"https:\/\/BigJimIndustries.com\/wordpress\/?p=11744"},"modified":"2021-11-08T18:17:06","modified_gmt":"2021-11-09T01:17:06","slug":"burning-big-book","status":"publish","type":"post","link":"https:\/\/bigjimindustries.com\/wordpress\/2021\/11\/09\/burning-big-book\/","title":{"rendered":"Burning Big Book"},"content":{"rendered":"\n

from Vanity Fair<\/a><\/em><\/p>\n\n\n\n

\u201cTOO LATE TO STAND UP AGAINST AMAZON\u201d: BOOK-INDUSTRY INSIDERS BACK THE BIDEN ADMINISTRATION\u2019S BID TO STOP A PUBLISHING MEGA-MERGER<\/h2>\n\n\n\n

The Department of Justice\u2019s attempt to halt Penguin Random House\u2019s acquisition of Simon & Schuster finds support within an industry already burned by bad trends. \u201cObviously every agent is thrilled that the wheels might be grinding to a halt on this,\u201d one insider says.<\/p>\n\n\n\n

BY\u00a0JOE POMPEO<\/a><\/p>\n\n\n\n

\"Image
ILLUSTRATION BY QUINTON MCMILLAN. IMAGE FROM GETTY.\u00a0<\/em><\/figcaption><\/figure>\n\n\n\n

The\u00a0news<\/a>\u00a0this week that the Biden administration is headed to court to stop Penguin Random House from acquiring Simon & Schuster added a new ripple of drama to the already feverish climate of media M&A. Biden\u2019s Department of Justice, which is taking a more aggressive approach to corporate consolidation, says that the proposed $2.18 billion merger would give Penguin Random House, the world\u2019s largest publisher, \u201cunprecedented control\u201d over the book-publishing industry, and that it would result in \u201clower advances for authors and ultimately fewer books and less variety for consumers.\u201d PRH and S&S argue that the merger would not reduce \u201cthe number of books acquired\u201d or the \u201camounts paid for those acquisitions,\u201d and that the two publishing houses, both members of the so-called \u201cBig Five,\u201d would still be permitted to bid against each other in auctions \u201cup to an advance level well in excess of $1 million.\u201d PRH has its boxing gloves on: The company has retained\u00a0Daniel Petrocelli,<\/strong>\u00a0the same man who litigated AT&T and Time Warner\u2019s\u00a0successful battle<\/a>\u00a0with the Trump administration in 2018. (Pass the popcorn.)<\/p>\n\n\n\n

[ click to continue reading at VF<\/a> ]<\/p>\n","protected":false},"excerpt":{"rendered":"

from Vanity Fair \u201cTOO LATE TO STAND UP AGAINST AMAZON\u201d: BOOK-INDUSTRY INSIDERS BACK THE BIDEN ADMINISTRATION\u2019S BID TO STOP A PUBLISHING MEGA-MERGER The Department of Justice\u2019s attempt to halt Penguin Random House\u2019s acquisition of Simon & Schuster finds support within an industry already burned by bad trends. \u201cObviously every agent is thrilled that the wheels […]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-11744","post","type-post","status-publish","format-standard","hentry","category-culture-art"],"_links":{"self":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/comments?post=11744"}],"version-history":[{"count":0,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11744\/revisions"}],"wp:attachment":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/media?parent=11744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/categories?post=11744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/tags?post=11744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}