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Simon schuster6/10/2023 ![]() ![]() “The evaluation is a highly subjective process.” “These are not widgets we’re producing,” Ms. McIntosh said editor intuition drives the acquisition of books and how much authors earn upfront. ![]() The company also said that the “anticipated top-selling books” category that the government has focused on does not exist as a distinct segment of the market. Penguin Random House argued that the industry is vast and varied, extending far beyond its biggest players, and that the government has focused on a tiny sliver of deals, in which Penguin Random House and Simon & Schuster are the final bidders for these expensive books. The slice of the market that the government has focused on are books that earn advances of $250,000 or more, which it called “anticipated top-selling books.” It says that the five largest publishers in the country - which include Penguin Random House, the biggest and Simon & Schuster, the fourth largest - compete mainly against one another to buy those titles, and if the number of publishers were to shrink, so too would the competition. McIntosh disagreed with the government’s assertion that the combined publisher would become too dominant in a particular slice of the market. The Department of Justice has sued to stop the $2.18 billion acquisition on antitrust grounds, and speaking in the United States District Court for the District of Columbia on Monday, Ms. WASHINGTON - Madeline McIntosh, the chief executive of Penguin Random House U.S., took the stand on Monday to defend its bid to buy the rival publishing house Simon & Schuster.
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