FacebookInstagramTwitterContact

 

Tahlil Ceremony           >>           Hersh Goldberg-Polin: Gaza Hostage's Mother Pleads For Ceasefire Deal           >>           Russia Flaunts Western Military Hardware Captured In War In Ukraine           >>           Imagine Football Fiesta Match           >>           Marjorie Taylor Greene Pushes To Remove House Speaker           >>           Key Mining Town Seized - DR Congo Rebels           >>           'Close Enough To See Their Faces': Chased Down By China In South China Sea           >>           Tesla Staff Say Firm's Entire Supercharger Team Fired           >>           Onlyfans Investigated Over Children Accessing Porn           >>           Chinese Women Are Teaming Up With Strangers To Save Money           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 05:01 AM

Subuh

: 05:11 AM

Syuruk

: 06:29 AM

Doha

: 06:51 AM

Zohor

: 12:32 PM

Asar

: 03:44 PM

Maghrib

: 06:32 PM

Isyak

: 07:42 PM

 



The Business Directory


 

 



World Business


  Home > World Business


Penguin Random House Boss Resigns After Simon & Schuster Deal Fails


GETTY IMAGES | Penguin Random House boss Markus Dohle had worked for Bertelsmann in various roles since 1994

 


 December 10th, 2022  |  11:13 AM  |   536 views

UNITED STATES OF AMERICA

 

The head of publishing giant Penguin Random House has resigned, citing the US decision to block the firm's $2.2bn takeover of rival Simon & Schuster.

 

Markus Dohle will step down at the end of the year, the company said, adding that he was parting at "his own request and on the best of mutual terms".

 

Mr Dohle had led Penguin since 2013, when it emerged from another big merger as the world's largest book publisher.

 

Competition concerns scuttled the Simon & Schuster acquisition.

 

A US judge ruled in favour of the US government, which had attempted to block the merger, arguing that the tie-up would reduce pay and opportunities for writers.

 

"Following the antitrust decision in the US against the merger of Penguin Random House and Simon & Schuster, I have decided, after nearly 15 years... to hand over the next chapter of Penguin Random House to new leadership," Mr Dohle said.

 

The company will continue to pursue smaller acquisitions, including in the US, Penguin's German owner Bertelsmann told Reuters.

 

Penguin's current US boss, Nihar Malaviya, will serve as interim chief executive from 1 January.

 

Penguin Random House was formed through the merger of the UK's Penguin with New York-based Random House in 2013.

 

Penguin has worked with celebrated authors including Sylvia Plath, George Orwell and Virginia Woolf.

 

In more recent times it has published books by Zadie Smith, Marian Keyes and Dan Brown.

 

Simon & Schuster's roster of writers includes Stephen King, Jennifer Weiner and former US presidential candidate Hillary Clinton.

 

Mr King was among the big names to testify against the merger on behalf of the US government, which has taken a harder line against monopolies under US President Joe Biden.

 

Bertelsmann initially said it would appeal against the US decision, but ultimately scrapped the deal. It is paying a $200m breakup fee.

 

Mr Dohle had worked for Bertelsmann in various roles since 1994. He was boss at Random House when the firm announced the mega merger with Penguin.

 


 

Source:
courtesy of BBC NEWS

by BBC News

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Lahad Datu Murder: Remand Of 13 Students Extende

 2024-03-30 07:57:54

'Close Enough To See Their Faces': Chased Down By China In South China Sea

 2024-05-02 00:57:36

Tesla Staff Say Firm's Entire Supercharger Team Fired

 2024-05-02 00:12:47