Stephen King testifies against $2 billion merger of publishing giants

Stephen King has testified against Penguin Random House's $2.18 billion acquisition of Simon & Schuster.

The best-selling author argued that the proposed acquisition would weaken competition in the publishing industry.

King appeared as a government witness in the Justice Department's antitrust suit attempting to block the billion-dollar deal.

He also said consolidation in the publishing industry has led to lower pay for authors over the course of his long career.

Both publishing houses have argued the merger would not hinder competition because they would continue to bid against each other for the rights to publish novels.

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