Quad/Graphics, LSC Call Off $1.4B Merger After Justice Dept. Suit

A month after pledging to "vigorously defend" its proposed $1.4 billion acquisition of rival publication printer LSC Communications in the face of a Justice Department lawsuit challenging the deal, Quad/Graphics announced on Tuesday that the two companies have agreed to end the fight. The proposed merger—which was first announced last October and approved by both companies' shareholders in February—faced opposition from groups like the Authors Guild and free speech advocate PEN America, who argued that combining "the two sole competitors in the long-run magazine and book printing markets" would create a dangerous monopoly that could further beleaguer print magazine and book publishers. In separate statements, both Quad/Graphics and LSC reaffirmed their disagreement with the Justice Department's assessment of the deal, but reasoned that the benefits of the merger would be outweighed by the delays and legal costs associated with fighting the DOJ lawsuit. As the blog Dead Tree Edition noted, a federal judge denied a request from the two printers for an expedited trial last week, meaning that even if it were ultimately approved, the proposed merger likely wouldn't come into effect until sometime next year. "In the United States, Quad and LSC’s printing and distribution resources vastly exceed those of other competitors and the two serve as the only realistic options for many publishers and retailers that rely on these firms’ resources and experience to ensure that... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2019-07-23 16:26:38 UTC ]
News tagged with: #timely manner #popular magazines #meredith corp #immediately respond #hearst #authors guild

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