The merger of major U.S. publishers is halted... "No dinosaurs"

 The merger of major U.S. publishers is halted... "No dinosaurs" 

http://www.obsnews.co.kr/news/articleView.html?idxno=1332384

 

【anchor】

A movement by companies to increase their market dominance through mergers and acquisitions is also blowing in the publishing market, but the United States and France put the brakes on it.

The United States blocked mergers and acquisitions by giant publishers, and France blocked Amazon's low-cost delivery of books.

 

【announcer】

 

Penguin Random House, the No. 1 publisher in the US publishing market.

It is a traditional publishing powerhouse that even published the memoirs of former President Barack Obama.

Another powerhouse, Simon & Schuster, is the third-largest company in the industry with many prominent authors, including Stephen King and Hillary Clinton.

Two publishers representing the American publishing industry have decided to become one family through a merger and acquisition.

The combined sales revenue of the two publishers amounts to 20% of the total market and 27% of the market share.

Then the Ministry of Justice took a different beating.

They filed an antitrust lawsuit, claiming that it would hinder competition among publishers, resulting in reduced profits for authors and less access to the various books for readers.

The move follows the Biden administration's commitment to end the anti-competitive practices engendered by mega corporate mergers and acquisitions.

In France, there is also a movement to prevent giants from monopolizing the publishing market.

On the 1st, the French government decided to introduce a lower limit on the delivery fee for books in order to save small bookstores in the neighborhood.

In order to avoid restrictions on the ban on free shipping, Amazon took measures to prevent this by lowering the shipping fee to 14 Korean won.

 

[Sophie Foneiron / Bookstore Operator: The ban on free shipping became useless as Amazon charged a shipping fee of just 1 cent. The new legislation will set the stage for fair competition and restore equity.]

It is noteworthy what changes in the cultural world will be brought about by governments' awareness of the problem that even the cultural market should not be swayed by huge capital.

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