In 2020, Penguin Random House– the world’s largest publisher, proposed to merge with Simon & Schuster, when its parent company Paramount Global announced plans to sell the publisher, deeming it a non-valuable asset for their new video-streaming industry approach. In 2022, U.S. District Court Judge Florence Y. Pan ultimately prevented Penguin Random House from moving forward with the deal after the Department of Justice sued, citing lower levels of competition and author pay as consequences of moving forward. 

Merging the two would have turned the Big Five into the Big Four, allowing Penguin Random House to place themselves even higher at the top. A case like this calls for reflection of the dangers of conglomerates in publishing and demands assessment of the industry and market. With mega publishers controlling over half the market, independent presses and others who are part of the Big Five would face struggles with pushing their books out. Additionally, authors would have fewer options for imprints to turn to and would receive lower advances due to fewer biddings.  

This was a huge win for the publishing industry as it showed the administration blocking a merger that would have done great monetary wise, but ultimately threatened what publishing is all about (or ideally should be about), which is authenticity, diversity, a fair market, and releasing important art.