Penguin Random House announced plans to acquire rival book publisher Simon & Schuster for $2B. If completed, the acquisition would solidify Penguin Random House as the largest book publisher in the US, with the combined company controlling an estimated 34% of the print book market. The transaction is expected to close in 2021, subject to regulatory approval.
More context: Penguin Random House (owned by German media conglomerate Bertelsmann) and Simon & Schuster are two of the “Big Five” US publishers. The companies represent notable authors including Stephen King, Dan Brown, and John Grisham.