Stephen King is “very concerned” about what his colleagues charge and goes to court

Stephen King, after giving his testimony in the Washington courts. (Photo MANDEL NGAN / AFP)

It’s up to the horror master to be “worried”: Stephen Kingauthor of terrifying bestsellers, explained Tuesday in a US court his fears about the growing concentration in the publishing sector.

The author of books like The glow either It’s testified in washington against the proposed merger between the publishing house Simon & Schuster, with which it has a contract, and the giant Penguin Random Housea deal valued at nearly $2.2 billion.

Penguin Random Housethe largest literary publisher in the United States, said it planned to buy Simon & Schuster in November 2020. Penguin is owned by German media conglomerate Bertelsmann. Simon & Schuster is from ViacomCBS, now Paramount Global. The Justice Department He filed his lawsuit in November 2021.

The defense, led by the lawyer Daniel Petrocelli, who defeated the previous government of donald trump in his attempt to prevent AT&T Inc from buying Time Warner in 2018, he will argue that the market for books, and for publishers to win best-selling authors, is competitive and that the merger will make it even more so.

“I have been in the book industry for about 50 years. When I started, there were literally hundreds of publishers. One by one they were absorbed by others or closed the business”. Stephen King

The american government opposes the creation of a giant with “inordinate influence over authors and the works that are published and the amount of money that is paid to authors”, and has asked Stephen King Let him be your star witness at trial.

“Tests will show that the proposed merger will probably do that authors of best-selling books receive smaller advanceswhich means that authors who work for years on their manuscripts will receive less money for their efforts,” the government said in an earlier report.

Dressed in a gray suit and tie that reflect the seriousness of the situation, the 75-year-old writer described for almost an hour the evolution of the sector throughout his long career.

[Los libros de Stephen King se pueden adquirir, en formato digital, en Bajalibros, clickeando acá.]

“I’m here because I think consolidation is bad for competition”he explained.

“I have been in the book industry for about 50 years. When I started, there were literally hundreds of publishers. One by one they were absorbed by others or closed the business, “he said. King.

As a result, “writers are finding it increasingly difficult to find enough money to live on.”

At the heart of the matter are the copyright advances that publishers offer their authors before they write their works. Newcomers often don’t notice them, but in the case of successful writers, publishers compete and sometimes outperform each other.

Stephen King confessed that his first check in 1974 was for $2,500 per carriewhose sales skyrocketed after its film adaptation.

“I’ve been lucky enough to be able to afford it, to stop following my bank account, to stop following my heart.” Stephen King

Following a handful of other bestsellers, including The glowoffered to his publisher preorder his next three books for $2 million. The editor refused “with a laugh.”

Stephen King he went off to the competition and had a string of hits in the 1980s with well-known publishers, while continuing to publish some of his most confidential and least profitable home books.

“I’ve been lucky enough to be able to afford it, to unfollow my bank account, to unfollow my heart,” he said. Stephen Kingwho already distinguished himself in 2012 for defending the implementation of higher taxes for the richest, including his own wealth.

Aware that he is privileged, regretted that his colleagues work in “a difficult world”. Leaving the audience, he added that he was “very concerned” as he signed autographs.

The trial is expected to last another two weeks.

Source: AFP and Reuters

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