Schuster CEO Says Company Rarely Goes Head to Head With Penguin

The chief executive officer of Simon & Schuster defended Penguin Random House’s proposed $2.18 billion acquisition of the company, testifying that the two publishers rarely go head to head to win book deals.

They are the last bidders in only a fraction of the deals Simon & Schuster tries to win, CEO Jonathan Karp has told the court at a trial in which the US Justice Department is seeking to block the deal on antitrust grounds. Beginning his testimony on Tuesday, Karp has said that more than half of the company’s book purchases are done outside of a competitive ...