In Written Opinion, Judge Florence Pan Delivers Knockout Blow to PRH, S&S Merger

"The government has presented a compelling case that predicts substantial harm to competition as a result of the proposed merger of PRH and S&S," Pan concluded. DoJ attorneys properly defined a relevant market-"anticipated top selling books" with advances over $250,000-which, she noted, accounts for 70% of the advance monies paid to authors. The post-merger entity would have had a "concerningly high" 49% market share, more than twice that of its closest competitor in an already concentrated market in which "the two top competitors would hold 74% of the market and the top four market participants would control 91%." And, citing the publishers' previous actions a decade ago in the Apple price-fixing case, Pan found "strong evidence" of "likely unilateral and coordinated" effects that would further harm competition.