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PENGUIN TO BUY SIMON & SCHUSTER, CREATE PUBLISHING GIANT

German media giant Bertelsmann said that its Penguin Random House division is buying rival Simon & Schuster in a megadeal that would reshape the U.S. publishing industry.

Penguin Random House, already the largest American publisher, will buy the New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS

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