In a statement, Paramount indicated it is still looking for buyers.
“Simon & Schuster is a highly valuable business with a recent record of strong performance,” Paramount said in a statement. “However, it is not video-based and therefore does not fit strategically within Paramount’s broader portfolio.”
The lawsuit said the deal would have given the combined company too much control over how much authors are paid. It also argued there would be fewer bidders for highly anticipated books, which would have been another potential blow to writers.
Penguin Random House and Simon & Schuster are counted among the “Big Five” of major US book publishers.
– CNN Business staff contributed to this report