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      A Canadian judge has granted a postponement of Meng's extradition hearing until Aug

      A Canadian judge has granted a postponement of Meng’s extradition hearing until Aug

      Huawei v. Swedish Postal and Telecommunications Authority restricts its participation in 5G cases

      Huawei v. Swedish Postal and Telecommunications Authority restricts its participation in 5G cases

      An example of the United States breaking international rules

      An example of the United States breaking international rules

      Huawei and HSBC reached an agreement on the disclosure of documents in the Meng Wanzhou case, and Huawei responded.

      Huawei and HSBC reached an agreement on the disclosure of documents in the Meng Wanzhou case, and Huawei responded.

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      “Artificial Sun” nuclear safety parts completed and will be shipped to France for commissioning.

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      President of the Korean Olympic Committee: South Korea firmly supports and actively prepares for the Beijing Winter Olympics

      President of the Korean Olympic Committee: South Korea firmly supports and actively prepares for the Beijing Winter Olympics

      The Tokyo Organizing Committee postponed the decision on the maximum number of spectators or announced it in June

      The Tokyo Organizing Committee postponed the decision on the maximum number of spectators or announced it in June

      Bayern, Dortmund and other Bundesliga giants have made clear their opposition to the Europa League

      Bayern, Dortmund and other Bundesliga giants have made clear their opposition to the Europa League

      Real Madrid and Barcelona are the only clubs to stay in the Europa League for the time being

      Real Madrid and Barcelona are the only clubs to stay in the Europa League for the time being

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      The Spanish government has issued a statement saying it does not support the hosting of the European Football Super League

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      Tottenham: Sack manager Jose Mourinho

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      Israel and Greece sign historic defense contract: deepening defense, economic and political ties

      There has been a sudden upheaval in European football! The Head of State of England and France made an urgent statement

      There has been a sudden upheaval in European football! The Head of State of England and France made an urgent statement

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      Qatar plans to vaccinate all visitors to the 2022 World Cup

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      The death toll from blood clots in the UK after being vaccinated against AstraZeneca has risen to 32

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      North America Watch – The Mexican president’s proposal for Central American immigrants to “plant trees for green cards” has been lukewarm

      Tokyo and other places will issue a third emergency declaration or affect the preparations for the Olympic Games

      Tokyo and other places will issue a third emergency declaration or affect the preparations for the Olympic Games

      A South Korean warship outbreak of collective infection: carrying more than 80 people has been confirmed by 32 officers and soldiers

      A South Korean warship outbreak of collective infection: carrying more than 80 people has been confirmed by 32 officers and soldiers

      An outbreak of Coronavirus in a South Korean naval vessel has been confirmed by 32 people

      An outbreak of Coronavirus in a South Korean naval vessel has been confirmed by 32 people

      How did Asia become the engine of the world's economic recovery?

      How did Asia become the engine of the world’s economic recovery?

      At least 12 people have died in a fire at a designated hospital in western India treating patients with Coronavirus

      At least 12 people have died in a fire at a designated hospital in western India treating patients with Coronavirus

      A teacher at Kuala Lumpur International School in Malaysia has been diagnosed with Coronavirus And all students in the junior high school are required to leave school

      A teacher at Kuala Lumpur International School in Malaysia has been diagnosed with Coronavirus And all students in the junior high school are required to leave school

      Seventy-seven inmates at a U.S. prison have been given an overdose of Coronavirus vaccine

      Seventy-seven inmates at a U.S. prison have been given an overdose of Coronavirus vaccine

      Canada has decided to ban flights from India and Pakistan for 30 days

      Canada has decided to ban flights from India and Pakistan for 30 days

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      Penguin Landon’s acquisition of Simon and Schuster will make the U.S. publishing industry unique

      November 26, 2020
      in Business
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      Penguin Landon's acquisition of Simon and Schuster will make the U.S. publishing industry unique
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      Penguin Landon’s acquisition of Simon and Schuster will make the U.S. publishing industry unique

      Viacom CBS has agreed to sell Simon and Schuster to Penguin Random House for more than $2 billion, the New York Times reported on November 25.

      Penguin Langdon Books, America’s largest book publisher, is owned by Bertelsmann, the German media group, while the addition of Simon and Schuster, the third-largest publisher, will create a book giant, a merger that could raise antitrust concerns.

      The deal announced on November 25th includes provisions that would protect Viacom if the deal is rejected by the authorities, and Bertelsmann will pay a so-called termination fee if the deal is not possible.

      The sale of the company will have a profound impact on the publishing industry, which is increasingly becoming a “winner-take-all” industry. In this industry, the largest companies can compete for famous writers and bestsellers.

      Simon and Schuster

      Over the past decade, the book industry has experienced a wave of consolidation, including the 2013 merger of Penguin Press and Langdon Bookhouse, News Corp’s acquisition of Harlequin, the publisher of love novels, and the acquisition of Perseus Books by The Hachette Book Group. This fall, Houghton Mifflin Harcourt announced that it was considering selling its trade publishing arm, which could be a takeover target for big publishing companies such as Macmillan or Hatchette.

      Simon and Schuster, which has published the work of a number of prominent authors, have been rumoured to be the next big company to be put up for sale, attractive to big publishers eager for growth through mergers and acquisitions. It has a huge collection of more than 30,000 books.

      In 1924, Richard L. Simon and M. Lincoln Schuster Lincoln Schuster founded the company. Originally a publisher of crossword puzzles, it grew into a huge company with more than 30 publishing units owned by Ernest Hemingway and F. Scott Fitzgerald. Literary gems such as Scott Fitzgerald, Henry James and Edith Wharton.

      The past year has been a tumultuous one for Simon and Schuster. In March, the first outbreak in the U.S. disrupted the economy, forcing bookstores to close and hampering the publishing industry’s main sales channels. Carolyn Reidy, the company’s much-loved chief executive, died in May, replaced by Jonathan Karp, a former publisher of Simon and Schuster. The company is also facing lawsuits from the Trump family and the government over the president’s attempts to block John Bolton and Mary J. Mary L. Trump published books critical of Mr. Trump, but failed.

      Despite these obstacles, Simon and Schuster are still profitable this year. Revenue rose 8 percent to $649 million and pre-tax profit rose 6 percent to $115 million in the year to September.

      For Viacom CBS, the owner of Simon and Schuster, the all-cash deal will help the company repay $21 billion in debt and continue to pay dividends to shareholders. The sale of Simon and Schuster is part of a massive break-up across the media industry as big business groups are spun off or shut down their ancillary businesses. Viacom CBS, which owns Paramount Studios and Nickelodeon, has put its future on streaming and books won’t play a major role in the strategy.

      Under the new ownership, Mr. Karp and Mr. Simon and Mr. Schuster’s chief operating officer and chief financial officer, Dennis Eulau, will continue to head the publishing house.

      In an interview on November 25th, Mr Karp told the New York Times that Mr Simon and Mr Schuster would remain editorially independent and that the number of books published would remain the same under the new owner.

      “This is a company that respects the creative autonomy of publishers.” “We’re still competing with each other,” he said. Publishing is a business driven by an individual’s passion for books and writers. “

      Mr. Karp said it was too early to discuss whether to cut jobs or streamline editorial and marketing departments, or to include Simon and Schuster’s print distribution network and warehouse with its parent company.

      Markus Dohle, chief executive of Penguin Langdon Books and a Bertelsmann executive board member, said in an interview that Simon and Schuster would retain their editors. He points out that Penguin Landon Bookhouse’s printing companies compete with each other on book projects, as will Simon and Schuster.

      “We’ve done this before, so we have a concept about it.” Citing the merger of Langdon Bookhouse and Penguin, he said, “we basically kept the creative side of the business undisturbed.” “

      Mr. Doyle said concerns that his company’s acquisition of Simon Schuster would create a monopoly that would curb competition were based on “politics and feelings” rather than data.

      “Compared to other industries, the book publishing industry is rather unsysothy and loose.” He said. “We are very confident that the deal will be approved and that we will improve the service levels of writers, agents and retailers.”

      Still, some writers and literary groups are wary of news that the biggest publishing company could gain a bigger share of the market.

      “I’m worried that this will force writers out of the industry and very good people who work in the industry.” Jason Pinter, founder and publisher of Polis Books, an independent publishing company, said.

      The Writers Guild of America said in a statement that it opposed the deal and called on the Justice Department to challenge it. “The number of large mainstream publishers will be reduced from five to four, further reducing competition in an already scarce competitive environment. For writers, this means that there will be fewer bidders for their manuscripts, which will inevitably reduce advances. “

      Viacom CBS has received inquiries from six buyers, including some financial firms and French media giant Vivendi. Vichy owns a minority stake in Archer through publisher Lagardere. The top three contenders are Bertelsmann, Rupert Murdoch’s HarperCollins-owned News Corp and Vivandi. The Financial Times earlier reported that Bertelsmann was close to a deal.

      According to Erik Gordon, a professor at the University of Michigan’s Ross School of Business, Biden’s team, which has just been elected president, will review the merger. The new administration, he said, “will be tougher than the previous administration’s team and more sympathetic to the plight of writers who are unable to negotiate agreements or even publish their work.” “

      He added that regulators might seek so-called “structural remedies” and that Penguin Landon Would have to sell other divisions or printed materials as part of the merger. He said the company would have to divest or sell a large enough share to create “viable competitors”.

      A Bertelsmann spokesman said Penguin Landon Bookhouse’s market share had declined in recent years and noted that Amazon posed a competitive threat to the entire book market. Citing data from the Publishers Association of America, an industry group, the company said the merger of Penguin Landon and Simon and Schuster would be “less than 20 per cent”.

      The deal could also have a knock-on effect on the entire literary ecosystem. Large publishers are better able to negotiate offers with major retailers such as Amazon, Barnes and Noble, and develop direct-to-consumer marketing and sales networks so they are less dependent on retailers.

      Some industry analysts say the sale will accelerate the long-term trend of the past decade as publishers rely more and more on best-selling and re-print sales and fewer opportunities for new and non-focused new book writers.

      “For some books, the number of potential customers has been reduced from five to four.” “This is another sign of a weakening of the publishing ecosystem,” said Mike Shatzkin, founder and chief executive of Idea Logic. “

      Penguin Langdon Bookhouse’s upcoming acquisition of Simon and Schuster dwarfs other big publishing companies, which are expected to account for 30 per cent of the US book market.

      “It’s definitely expanding its dominance, and it’s going to be a panacea for strength.” Shatskin said.

      Tags: United States

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