Stephen King Testifies , Against Penguin's Proposed , $2 Billion Merger.<br />Bloomberg reports that author Stephen King <br />has testified against Penguin Random House's <br />$2.18 billion acquisition of Simon & Schuster. .<br />Bloomberg reports that author Stephen King <br />has testified against Penguin Random House's <br />$2.18 billion acquisition of Simon & Schuster. .<br />The best-selling author reportedly argued <br />that the proposed acquisition would weaken <br />competition in the publishing industry.<br />On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.<br />On August 2, King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion dollar deal.<br />According to King, consolidation in <br />the publishing industry has led to lower pay <br />for authors over the course of his long career.<br />According to King, consolidation in <br />the publishing industry has led to lower pay <br />for authors over the course of his long career.<br />It becomes tougher and tougher for <br />writers to find enough money to live on, Stephen King, Antitrust suit testimony, via Bloomberg.<br />Bloomberg reports that the deal would <br />see Penguin, the top book publisher, take <br />over Simon & Schuster, the fourth largest.<br />Bloomberg reports that the deal would <br />see Penguin, the top book publisher, take <br />over Simon & Schuster, the fourth largest.<br />The government's antitrust suit alleges that <br />the acquisition will result in lower advances <br />for authors and fewer choices for consumers.<br />The government's antitrust suit alleges that <br />the acquisition will result in lower advances <br />for authors and fewer choices for consumers.<br />The companies argue that the merger will <br />not affect internal competition between <br />Penguin and Simon & Schuster.<br />Bloomberg reports that King openly <br />mocked this claim while testifying. .<br />Most of King's library <br />of books are published by <br />Simon & Schuster's imprint Scribner.<br />According to King, the five largest publishers, <br />which would include Simon & Schuster, have <br />largely squeezed out independent book stores.<br />According to King, the five largest publishers, <br />which would include Simon & Schuster, have <br />largely squeezed out independent book stores
