Stephen King testified in the antitrust trial aiming to block Penguin Random House from acquiring Simon & Schuster: “I think that consolidation is bad for competition. It becomes tougher and tougher for writers to find money to live on.”
The prolific author has long been aligned with Simon & Schuster. But he testified against the $2.1 billion deal in Washington, D.C. federal court, supporting the government’s contention that the deal will hurt authors by limiting the market for new manuscripts.
King disputed Penguin Random House’s contention that the acquisition would not result in the loss of an independent bidder because Simon & Schuster would operate autonomously from other publishing labels in Penguin’s groups. King testified that the publishing landscape has changed dramatically since his career began in the mid-1970s with such best-selling books as “Carrie,” “The Shining” and “The Stand,” according to the AP.
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