Following the announcement that Penguin Random House parent company Bertelsmann won the bidding war for Simon & Schuster with a $2.2 billion offer, members of the book business and related organizations have begun to weigh in.
In a statement on Wednesday, the Authors Guild laid out its opposition to the proposed deal. The sale "would mean that the combined publishing house would account for approximately 50% of all trade books published, creating a huge imbalance in the U.S. publishing industry," the Guild said. (Penguin Random House's global CEO, Markus Dohle, told PW that he believes PRH's publishing market share is about 14.2% and S&S's 4.2%, including self-publishing; others have estimated the combined companies' market share would amount to roughly one third of the U.S. book market.)
