Stephen King Speaks Out Against Merger Of Publishing Giants

Stephen King, an American horror writer, is facing a new threat: corporate consolidation. In an antitrust trial, the author was the star witness to stop the $2.2bn merger between the two largest US publishers.

King was asked by the US Department of Justice to testify on how the proposed merger of Simon & Schuster and Penguin Random House could impact authors. King, 75, stated that he believed the move would hurt competition in the industry.

Both publishing houses argued that the merger would not affect competition since the companies would continue to compete for rights to publish novels even after the transaction is completed. King, who has over 50 years of publishing experience, called this idea "a little ridiculous". According to court journalists, the novelist said that "you might as well pretend you're going have a husband-wife bidding against each other for the same house."

King published his first novel, Carrie, back in 1974. Since then, he has written more than 70 novels, including cult favorites like The Shining and It, that have sold more than 350m copies. King has become more vocal on social media in the past decade. He interacts with his fans and encourages his 6.8 million followers to support independent and local bookstores.

Paramount Global, Simon & Schuster’s parent company, and Penguin Random House announced plans to merge in November 2020. One year later, the Justice Department sued to stop the acquisition. The administration of US President Joe Biden has pledged to make competition a key part of its economic policies.

"American consumers and authors will pay the price for this anticompetitive merge - lower advances to authors, and ultimately fewer books for consumers," US Attorney General Merrick Garland stated after the announcement of the lawsuit. The merger's attorneys have refuted these allegations, arguing that stopping the transaction would harm the authors DOJ claims to be protecting.