The ‘king of hooror’ Stephen King appeared in a Washington court today to testify against Penguin Random House’s takeover of its longtime publisher, Simon & Schuster. The 75-year-old author of “Carrie”, “The Shining” and many other highly successful books is the main witness of the Department of Justice in the antitrust lawsuit against the merger.
The novelist went to court saying, “My name is Stephen King. I’m a freelance writer,” causing a laugh. “I came because I think the consolidation is bad for the competition,” said King. “This is my way of understanding the book industry. I’ve been there for 50 years.” Penguin Random House, which is owned by the German firm Bertelsmann, is looking to acquire Simon & Schuster in a deal valued at $ 2.2 billion. The government opposes the acquisition because it would stifle competition and result in lower remuneration for authors.
“The merger would give Penguin Random House enormous influence over who and what gets published and how much authors get paid for their work,” the Justice Department said in its complaint filed with the United States District Court. During nearly an hour of deposition, the tall, lanky King, dressed in a gray suit and gray tie, retraced his career as an author. He said his first check as a writer was for $ 2,500 for “Carrie,” which became a bestseller after being made into a blockbuster movie starring Sissy Spacek. After achieving great success with “The Shining,” King said a publisher mocked him when he asked for $ 2 million for his next three books. He changed publisher.
“The more companies there are, the better. When I started there were literally hundreds of publishing houses,” King said. “One after another they have been absorbed by other publishers or have gone bankrupt. It is becoming increasingly difficult for writers to find enough money to live on.” The process should take another two weeks.