Simon & Schuster is a highly valuable business with a recent record of strong performance however, it is not video-based and therefore does not fit strategically within Paramount's broader portfolio. Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets. Penguin Random House is obligated to pay a $200 million termination fee to Paramount. Following the Decision, on November 21, 2022, Paramount terminated the Purchase Agreement in accordance with its terms. Thus a publishing behemoth was born, a behemoth that now, a mere seven years later, is once again taking over a leading competitor, Simon & Schuster. Department of Justice (the "DOJ") filed suit in the United States District Court for the District of Columbia to block the Sale and on October 31, 2022, the Court ruled in favor of the DOJ, enjoining the Sale (the "Decision"). KGaA group, "Penguin Random House"), subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals (the "Sale"). Paramount Global (f/k/a ViacomCBS Inc.) ("Paramount") announced that it and certain of its subsidiaries had entered into a Share Purchase Agreement (the "Purchase Agreement") to sell the Simon & Schuster business to Penguin Random House LLC (part of the Bertelsmann SE & Co. Court Blocks PRH-Simon & Schuster Acquisition In Newsby Porter AndersonOctoIn the United States, Judge Pan rules against the merger of trade book publishers Penguin Random House and Simon & Schuster. Paramount also indicated that it would still seek to unload Simon & Schuster. In its announcement Monday, Paramount said Penguin is on the hook for a $200 million termination fee. "The proposed merger was never about readers and writers it was about preserving (and growing) PRH's market share. King, who writes books for Simon & Schuster, said he was "delighted" by the ruling. Pan ruled against the deal, delivering a major victory for the Biden administration's antitrust agenda. On Halloween, after a trial that included testimony from bestselling horror author Stephen King, U.S. Paramount's decision to pull the plug on the deal came more than a year after the Justice Department sued to block the deal, saying it would hurt competition for books in the publishing world. "However, we have to accept Paramount's decision not to move forward." "We believe the judge's ruling is wrong and planned to appeal the decision, confident we could make a compelling and persuasive argument to reverse the lower court ruling on appeal," Penguin said in a statement Monday afternoon. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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