Axios Pro: Media Deals

November 04, 2022

Axios Pro Exclusive Content

Happy Friday! Welcome to a Halloween week digest, featuring a rundown of our Deals stories.

🐦 ICYMI: Twitter had another news-filled week, the latest being a large round of post-deal close job cuts expected to come today.

1. Simon & Schuster's Halloween

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Nov. 1Simon & Schuster's future is now up in the air, which could open it up to acquisition talks, Kerry wrote on the morning after the judge blocked the deal.

What they're saying: Stephen King had a great Halloween.

  • The author, who had testified against his own publisher, tweeted, "The proposed merger was never about readers and writers; it was about preserving (and growing) PRH's market share. In other words: $$$."

What's next: All three parties — Penguin Random House, Simon & Schuster and Paramount Global (S&S's owner) — said they would appeal.

💭 Kerry's thought bubble: If an appeal isn't granted, Paramount will likely seek another buyer. But the ruling could dissuade another one of the Big 5 or any other book publisher from bidding. That signals an opportunity for private equity.

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