The Victims of the Penguin/Random House merger: literary agents

Literary agents are the middlemen between writers and publishing houses. Manuscripts go to agencies, akin to actors sending off a portfolio. Agents sift hundreds of submissions and pitch them to publishers, negotiating a price for the ones accepted while taking a cut of the advance and royalties. They've been a vital link in the chain, but the recently announced merger between two giant publishers, the Penguin Group and Random House, may affect literary agents in dramatic ways.