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Penguin Random House CEO steps down weeks after judge blocked Simon & Schuster merger

Markus Dohle, Chief Govt Officer of Penguin Random Home, pictured throughout Bertelsmann Annual Press Convention on March 22, 2016 in Berlin, Germany.

Thomas Koehler | Photothek | Getty Pictures

Penguin Random Home mentioned Friday that CEO Markus Dohle will step down on the finish of the 12 months, weeks after the collapse of a deal to merge Penguin with Simon & Schuster.

Nihar Malaviya, Penguin’s president and working chief, will step in as interim CEO whereas the publishing firm finds Dohle’s everlasting substitute.

“Following the antitrust choice within the U.S. towards the merger of Penguin Random Home and Simon & Schuster, I’ve determined, after practically 15 years on the Govt Board of Bertelsmann and on the helm of our international publishing enterprise, handy over the following chapter of Penguin Random Home to new management,” Dohle mentioned in a press launch.

A federal decide sided with the Justice Division and blocked Penguin’s $2.2 billion acquisition of Simon & Schuster in late October. The DOJ claimed {that a} merger of the industry-dominating publishers may “reduce competitors” available in the market.

Soon after the decide’s choice, Paramount Global, which owns Simon & Schuster, formally pulled the plug on the deal. Paramount famous that it could discover choices to promote Simon & Schuster elsewhere.

Penguin disagreed with the DOJ’s ruling and had deliberate to attraction till Paramount subsequently backed out of the deal.

“We remorse Markus Dohle’s choice to go away Bertelsmann and Penguin Random Home,” mentioned Christoph Mohn, chairman of Penguin guardian Bertelsmann’s supervisory board. “He has sustainably targeted Penguin Random Home on progress and profitability. Underneath his management, our e-book division greater than doubled its revenues and quintupled its revenue.”

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