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Penguin Random House chief executive Marcus Dohle has announced his resignation after a failed bid to acquire Simon & Schuster, the world’s biggest trade book publisher.
The FTC filed suit to block the $2.2 billion deal, and Bertelsmann and publishers owned by Paramount Global went to court. They failed to convince a judge, who ruled against the merger, and decided not to appeal.
Paramount receives a $200 million breakup fee. CEO Bob Buckish this week called it a “sub-optimal” result. He said the company still views Simon & Schuster as a non-core asset and will eventually divest it in one way or another.
Dohle has been chief executive since 2013 and Bertelsmann was a member of the executive board. He previously led Random House.
Penguin’s chief operating officer Nihar Malaviya will serve as interim CEO as the company searches for Dohle’s replacement.
In a statement, Dohle said, “Following the no-confidence motion against the merger of Penguin Random House and Simon & Schuster in the US, I have decided to step down after nearly 15 years on Bertelsmann’s executive board and at the helm of our global publishing. What’s up. Business, to hand over the next chapter of Penguin Random House to new leadership.
An increasingly active FTC said yesterday it would sue to block Microsoft’s proposed $69 billion acquisition of Activision Blizzard.
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