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November 27, 2020

Penguin buys Simon & Schuster, creating mega publisher

By FRANK JORDANS and HILLEL ITALIE
Associated Press

BERLIN — German media giant Bertelsmann said Wednesday that its Penguin Random House division is buying rival Simon & Schuster, in a mega deal that will likely reshape the U.S. publishing industry.

Penguin Random House, already the number one American publisher, will buy the New York-based firm, whose authors include Stephen King, Hillary Clinton and John Irving, from ViacomCBS for $2.17 billion in cash.


 
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