Markus Dohle spent much of the last two years fighting to buy Simon & Schuster for Penguin Random House in order to create a world-spanning leviathan. ShawnMcCreesh reports on what the failed bid means for publishing
But then Joe Biden brought antitrust warriors to power again for the first time in decades. He appointed consolidation skepticto run the FTC and nominated Jonathan Kanter to lead the DOJ’s antitrust division. Newly in the job, Kanter had a juicy merger before him. It was just the sort of high-profile deal with which he could flex some monopsony-busting muscle.
The imprints compete for book deals against one another, even if they’re part of the same division. That keeps things hot and competitive and individualistic and creative. Supposedly. Dohle had understood how sensitive the agents were to this. That’s why, shortly after he announced his intent to buy S&S, he sent them all a letter promising that, should the deal go through, the combined S&S and PRH wouldn’t be secretly in cahoots at auction. “We believe that allowing S&S to continue to bid independently will further enhance our ability to find, compete for, and publish the best books,” he wrote to them. But then, that was supposed to be the story inside PRH, too.
“We have agents approaching us with books they feel will get lost in the juggernaut of a big-five house and will get better care, and be published better, at a smaller house,” said Cindy Spiegel. She and her fellow editor Julie Grau had run the Spiegel & Grau imprint inside PRH — they’d published hits including Piper Kerman’s— until it was folded during a reorganization in 2019.
One thing is for sure: Now that PRH knows it can’t simply purchase any more of the competition, it must look inward. This week, it’s riding high with Prince Harry’s book, and next month it’ll have Rushdie’s new novel, which is likely to be a smash. But the leadership learned from the trial that more power must be returned to the imprints.
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Markus Dohle’s Failed Bid to Eat Simon & SchusterMarkus Dohle spent much of the last two years fighting to buy Simon & Schuster for Penguin Random House in order to create a world-spanning leviathan. ShawnMcCreesh reports on what the failed bid means for publishing
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