Paramount will not extend the deadline for Penguin Random House’s purchase of Simon & Schuster to wait for a judicial appeal, sources first told Reuters (quickly followed by the NYT and the WSJ). The purchase agreement is thought to expire on or about November 21 (it was executed on November 24, 2020). Under the reported terms of that agreement, Bertelsmann must pay Paramount a $200 million termination fee. (As we noted earlier, the fee will cost Bertelsmann more than originally planned, given the rising dollar. In late 2020 it would have taken 169 million euros to pay out $200 million; […]
