I will probably blog more frequently than that, but if you see less blogging, don't be surprised.
Similarly, my replies to e-mail and moderating comments will be delayed.
Other items.
COP: earnings preview. Thursday, after market close.
- forecast:
- EPS: $3.85
- revenue: $19.71 billion
- whisper number:
- $3.96; consensus: $3.78
- revenue: $17.24.
SRE: earnings preview. Thursday, before market open.
- forecast:
- EPS: $1.77
- revenue: $3 billion
- whisper number:
- EPS: $1.93; consensus: $1.82
- revenue: $2.91 billion
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The Book Page
Lawsuits.
1. Pertelsmann's PRH bested Rupert Murdoch's HarperCollins with a $2.18 billion for Simon & Schuster.
- Biden's DOJ wants to fight the acquisition on "monopoly" grounds
- the lawsuit here;
- Penguin Random House: biggest US publisher by far
- Simon & Schuster: fourth-largest;
- merger arranged by parent companies: Bertelsmann and ViacomCBS
- link here to Vanity Fair;
- link here to NY Times (paywall);
- by the way, in the big scheme of things, this whole "deal" is small potatoes --
- deal valued at $2.2 billion
- my hunch:
- DOJ prevails; merger stopped
- ViacomCBS will find another buyer; publishing is not part of their core competency
- S&S could be sold to private venture -- worst outcome possible for authors
2. Amazon accused of conspiracy to set/fix e-book prices with the big five: Hachette, HarperCollins, Macmillan, Simon & Schuster, and Penguin Random House (PRH). Link here.
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