Bertelsmann's multi-billion publishing deal fails

Created: 11/22/2022, 00:17

The Bertelsmann Group wanted to expand its position in the USA with the acquisition.

© Lino Mirgeler/dpa

Bertelsmann has to change course: The group actually wanted to buy the US book publisher Simon & Schuster for billions.

Nothing will come of it.

Gütersloh/New York - The multi-billion takeover of the US book publisher Simon & Schuster by the German Bertelsmann group has failed.

Bertelsmann announced in Gütersloh that after talks with Simon & Schuster shareholder Paramount Global, the original plan to appeal against a US court judgment was no longer being pursued.

Judges had forbidden the purchase weeks ago.

The US government had successfully opposed the purchase with an antitrust lawsuit.

Bertelsmann initially planned to appeal.

The group announced its original plans in November 2020.

The Penguin Random House publishing group, which belongs to the portfolio, was actually supposed to take over the New York-based publishing house Simon & Schuster, which has successful authors such as Stephen King, for around 2.18 billion US dollars.

Bertelsmann had expected the deal to be completed in 2021.

With the acquisition, the group wanted to expand its position in the USA.

Bertelsmann is already the sole owner of Penguin Random House in New York, the largest trade book publishing group in the world.

The media, services and education group in Gütersloh also said that Penguin Random House will grow significantly organically and through acquisitions in the coming years.

You will drive the growth of your own global book publishing business.

The collapsed deal is another setback for Bertelsmann.

It was only in September that the RTL Group, which belongs to the group, rejected the plan to merge two private TV groups in France.

The background was official requirements.

Competition examiners had previously expressed concerns.

dpa