Simon & Schuster's Penguin Random House Deal Falls Apart, Opens Door To New Potential Bidders - Paramount Global (NASDAQ:PARA)

Paramount Global PARA, the owner of Simon & Schuster's book-publishing unit, will let its $2.2 billion sale to Penguin Random House collapse, opening doors to new suitors.
German media group Bertelsmann SE & Co could not convince Paramount Global to help launch an appeal and extend the deal contract before it expires on Monday, writes Reuters.
A federal judge blocked the acquisition on antitrust grounds.
According to book tracker NPD BookScan, if Penguin Random House had been allowed to acquire Simon & Schuster, it would have accounted for nearly 30% of all consumer-book sales in the U.S.
The move comes as Paramount decided not to support an appeal of a recent ruling that blocked the planned $2.18 billion sale of its Simon & Schuster to rival Penguin Random House, according to people familiar with the situation.
Under the terms of their 2020 deal, Bertelsmann would pay Paramount a termination fee of $200 million if the acquisition were "completely prohibited or if the termination date is reached," according to the Bertelsmann 2021 annual report.
The termination date is November 21, the Wall Street Journal previously reported.
HarperCollins, controlled by News Corp NWSA NWSA and Lagardere SCA's Hachette Book Group, have expressed interest publicly in buying Simon & Schuster.