May 4, 2020 - Economy

Textbook mega-merger called off

Illustration of a hand reaching out for a hand shake with another hand making a stop gesture.

Illustration: Aïda Amer/Axios

Textbook publishers Cengage and McGraw-Hill on Monday announced the termination of their proposed $5 billion merger, which was originally announced in May 2019.

The bottom line: Lots of M&A deals are being canceled because of the coronavirus, but this one was felled by federal antitrust opposition. The two companies and regulators were unable to agree on what divestitures would be required to gain deal approval.

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