It was in November 2020 when the sale deal between the publishing companies was first announced. Securities and Exchange Commission said that Penguin is still required to pay Simon & Schuster’s parent company $200 million for the termination of the deal. But upon learning that Paramount decided to go with the court’s ruling, the New York-headquartered publishing house said it has to accept its decision not to move forward.Įven with this situation, the U.S. ![]() Thus, Paramount just completely ended the negotiations.Īs per the Associated Press News, Penguin Random House had a different plan as it would like to appeal so the merger could proceed. However, the federal court blocked the deal in late October, and the company said it would not appeal the decision of Judge Florence Pan of the United States District Court for the District of Columbia. Paramount Global is the parent company of Simon & Schuster, and it previously had a sale agreement with Penguin Random House. ![]() The American mass media and entertainment firm officially dropped the $2.2 billion deal after the court rejected the merger. Paramount Global confirmed this week that it would no longer continue with the sale of its Simon & Schuster publishing company to Penguin Random House.
0 Comments
Leave a Reply. |