Why Is Stephen King Set to Testify in an Antitrust Trial?
Author Stephen King is now being called to court to testify for the federal government in an antitrust suit dedicated to stopping Penguin Random House from acquiring Simon & Schuster, according to Bloomberg.
The potential $2.18 billion acquisition is being seen as a blow to both authors and consumers, and Stephen King will likely argue against it. The fear here is that the massive purchase will limit competition in the industry, leading to lower paychecks for authors and less selection for consumers. This is likely the case if the merger is to happen, however Penguin Random House is feverishly arguing that the opposite will be true.
Stephen King is a world-renowned horror author. He has written dozens of best-selling novels, including “The Shining,” “It” and “The Stand.” He has spoken out in the past against Donald Trump, and he has been an outspoken critic of the current American administration. Not one to take a backseat when it comes to politics or morality, it should be interesting to hear what the author has to say about this groundbreaking case.
The trial for the case is set for August 1st and will likely run for close to a full month. The outcome could potentially lead to massive changes in the publishing industry, and we hope authors will continue to be paid the same or better.
Penguin Random House is the largest book publisher in the world. It is a merger between two of the largest publishing companies, Penguin and Random House. The company was formed in 2013 and has since been criticized for limiting competition in the industry.
Simon & Schuster is one of the “big five” publishing houses in the United States. It is the second-largest English language publisher, after Penguin Random House. The company was founded in 1924 by Richard L. Simon and M. Lincoln Schuster.
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