Statement of Robert Thomson, Chief Executive of News Corp, Regarding the Sale of Simon & Schuster to Bertelsmann
November 25 2020 - 10:16AM
Business Wire
News Corp Chief Executive Robert Thomson has commented on
ViacomCBS’s announcement regarding the sale of Simon & Schuster
to Bertelsmann:
“There is clearly no market logic to a bid of that size - only
anti-market logic. Bertelsmann is not just buying a book publisher,
but buying market dominance as a book behemoth. Distributors,
retailers, authors and readers would be paying for this proposed
deal for a very long time to come. This literary leviathan would
have 70 percent of the US Literary and General Fiction market.
There will certainly be legal books written about this deal, though
I wonder if Bertelsmann would publish them.”
About News Corp
News Corp (NASDAQ:NWS)(NASDAQ:NWSA)(ASX:NWS)(ASX:NWSLV) is a
global, diversified media and information services company focused
on creating and distributing authoritative and engaging content and
other products and services. The company comprises businesses
across a range of media, including: digital real estate services,
subscription video services in Australia, news and information
services and book publishing. Headquartered in New York, News Corp
operates primarily in the United States, Australia, and the United
Kingdom, and its content and other products and services are
distributed and consumed worldwide. More information is available
at: http://www.newscorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201125005734/en/
News Corp Investor Relations Michael Florin 212-416-3363
mflorin@newscorp.com
News Corp Corporate Communications Jim Kennedy 212-416-4064
jkennedy@newscorp.com
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