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Paramount scraps Simon & Schuster acquisition of Penguin Random House

Yahoo Finance Live reports on the dilution of Simon & Schuster's acquisition deal with Penguin Random House.

Video transcript

SEANA SMITH: Breaking news, Paramount scrapping its deal to sell Simon & Schuster to Penguin after a court rejected the $2.2 billion deal. Now the merger was rejected earlier this month due to antitrust concerns. Bertelsmann, the parent company of Penguin, will have to pay a $200 million breakup fee.