https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

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Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

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This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

Book advances are just kick backs and bribes for politicians nowadays.

Simon & Schuster is the one which generally launders money to Democrats.

Rapier108 said:

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Book advances are just kick backs and bribes for politicians nowadays.

Simon & Schuster is the one which generally launders money to Democrats.

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This

techno-ag said:

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https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

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Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

---

This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

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The merger would also likely lower advances for all authors.

Publishing isn't dying. The way people consume books has definitely changed but print, audio, and ebooks are all still profitable. Bookstagram and BookTok can even take a midlist author or a blacklist title shooting up in sales in just a matter of weeks.


The biggest issue in publishing right now is the pay of overall employees. Trade publishing employees are notoriously underpaid and people have generally just accept that. If the PRH S&S lawsuit did anything, it exposed how little se people make and how a lot of executives don't have a full grasp on a lot of aspects of the business.

nai06 said:

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techno-ag said:

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https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

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Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

---

This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

---

The merger would also likely lower advances for all authors.

Publishing isn't dying. The way people consume books has definitely changed but print, audio, and ebooks are all still profitable. Bookstagram and BookTok can even take a midlist author or a blacklist title shooting up in sales in just a matter of weeks.


The biggest issue in publishing right now is the pay of overall employees. Trade publishing employees are notoriously underpaid and people have generally just accept that. If the PRH S&S lawsuit did anything, it exposed how little se people make and how a lot of executives don't have a full grasp on a lot of aspects of the business.

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Good perspective. Are you in the industry?

nai06 said:

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techno-ag said:

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https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

---

Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

---

This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

---

The merger would also likely lower advances for all authors.

Publishing isn't dying. The way people consume books has definitely changed but print, audio, and ebooks are all still profitable. Bookstagram and BookTok can even take a midlist author or a blacklist title shooting up in sales in just a matter of weeks.


The biggest issue in publishing right now is the pay of overall employees. Trade publishing employees are notoriously underpaid and people have generally just accept that. If the PRH S&S lawsuit did anything, it exposed how little se people make and how a lot of executives don't have a full grasp on a lot of aspects of the business.

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In a free market nobody is underpaid. I once interviewed with San Antonio Shoes for a mid-level accounting position. They offered me the job at a junior level salary and I turned it down. Instead I went to work for another company at a better rate. You're the only person that can determine what your time is worth. If you decide to go to work at a bargain rate that's on you.

LOYAL AG said:

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nai06 said:

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techno-ag said:

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https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

---

Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

---

This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

---

The merger would also likely lower advances for all authors.

Publishing isn't dying. The way people consume books has definitely changed but print, audio, and ebooks are all still profitable. Bookstagram and BookTok can even take a midlist author or a blacklist title shooting up in sales in just a matter of weeks.


The biggest issue in publishing right now is the pay of overall employees. Trade publishing employees are notoriously underpaid and people have generally just accept that. If the PRH S&S lawsuit did anything, it exposed how little se people make and how a lot of executives don't have a full grasp on a lot of aspects of the business.

---

In a free market nobody is underpaid. I once interviewed with San Antonio Shoes for a mid-level accounting position. They offered me the job at a junior level salary and I turned it down. Instead I went to work for another company at a better rate. You're the only person that can determine what your time is worth. If you decide to go to work at a bargain rate that's on you.

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Maybe there's a certain cachet in working for a Big Five publishing company that entices people to work there for peanuts. Dunno, just speculating.

techno-ag said:

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LOYAL AG said:

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nai06 said:

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techno-ag said:

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https://nypost.com/2022/11/21/penguin-random-house-scraps-2-2b-deal-with-simon-schuster/amp/

Quote:

---

Unlike most merger fights, which focus on what consumers pay, the Biden administration argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

---

This was stupid imo. Publishing is dying and the administration is kneecapping the survivors by not letting them merge. Also, most authors don't earn a quarter million advance.

---

The merger would also likely lower advances for all authors.

Publishing isn't dying. The way people consume books has definitely changed but print, audio, and ebooks are all still profitable. Bookstagram and BookTok can even take a midlist author or a blacklist title shooting up in sales in just a matter of weeks.


The biggest issue in publishing right now is the pay of overall employees. Trade publishing employees are notoriously underpaid and people have generally just accept that. If the PRH S&S lawsuit did anything, it exposed how little se people make and how a lot of executives don't have a full grasp on a lot of aspects of the business.

---

In a free market nobody is underpaid. I once interviewed with San Antonio Shoes for a mid-level accounting position. They offered me the job at a junior level salary and I turned it down. Instead I went to work for another company at a better rate. You're the only person that can determine what your time is worth. If you decide to go to work at a bargain rate that's on you.

---

Maybe there's a certain cachet in working for a Big Five publishing company that entices people to work there for peanuts. Dunno, just speculating.

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It's entirely possible that time in a major publishing company translates to a more lucrative position down the road, I really don't know. In that case your time there is an investment in your future and you're consciously accepting that trade in anticipation of a future payoff. In that case you're not underpaid you're gaining experience that makes you more valuable than if you didn't have said experience. Compensation is often about more than cash.

Average pay for an entry level position which requires a degree in most cases is 36k-45k

That's not really feasible for the NYC area. People have accepted it as the norm for a very long time and are starting to push back (see the HarperCollins strike currently underway).

There certainly is a benefit to getting your foot in the door at a big 5. But when publishing as a whole is centered in a place with a high cost of living, you can quickly reach point where you just can't make it work. The market is slowly starting to push back for higher wages. A similar thing happened some years back with unpaid internships. It was common to work a year or two in an unpaid internship before getting into publishing. People pushed back and those are seen as vital anymore. Many of those positions converted to part time pay.

nai06 said:

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Average pay for an entry level position which requires a degree in most cases is 36k-45k

That's not really feasible for the NYC area. People have accepted it as the norm for a very long time and are starting to push back (see the HarperCollins strike currently underway).

There certainly is a benefit to getting your foot in the door at a big 5. But when publishing as a whole is centered in a place with a high cost of living, you can quickly reach point where you just can't make it work. The market is slowly starting to push back for higher wages. A similar thing happened some years back with unpaid internships. It was common to work a year or two in an unpaid internship before getting into publishing. People pushed back and those are seen as vital anymore. Many of those positions converted to part time pay.

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You and I have a fundamentally different opinion of free market economics. You (in a generic sense) went into publishing knowing it paid terrible so you accepted that as a condition of being in that industry. If the wages aren't enough change industries. "Learn to code".

The fundamental difference between liberals and conservatives is in how they view personal responsibility. You want publishing to pay a better wage seemingly without regard for what the increased cost means to the industry as a whole. I want you to own your circumstances and make the best decision for yourself. If you want to be in publishing build a life around $40k. If you want to make $60k change careers. It really is that simple.

LOYAL AG said:

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nai06 said:

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Average pay for an entry level position which requires a degree in most cases is 36k-45k

That's not really feasible for the NYC area. People have accepted it as the norm for a very long time and are starting to push back (see the HarperCollins strike currently underway).

There certainly is a benefit to getting your foot in the door at a big 5. But when publishing as a whole is centered in a place with a high cost of living, you can quickly reach point where you just can't make it work. The market is slowly starting to push back for higher wages. A similar thing happened some years back with unpaid internships. It was common to work a year or two in an unpaid internship before getting into publishing. People pushed back and those are seen as vital anymore. Many of those positions converted to part time pay.

---

You and I have a fundamentally different opinion of free market economics. You (in a generic sense) went into publishing knowing it paid terrible so you accepted that as a condition of being in that industry. If the wages aren't enough change industries. "Learn to code".

The fundamental difference between liberals and conservatives is in how they view personal responsibility. You want publishing to pay a better wage seemingly without regard for what the increased cost means to the industry as a whole. I want you to own your circumstances and make the best decision for yourself. If you want to be in publishing build a life around $40k. If you want to make $60k change careers. It really is that simple.

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So if most publishers are paying X a year for say an editorial assistant and the work force is no longer willing to work for X but would do that work for Y, isn't that the free market responding?


The labor market is responding to what they view as inadequate wages and are no longer willing to accept that. Companies are responding in different ways in order to meet the new demands of the labor market. Some are increasing wages and others are looking for other incentives. Penguin Random House went to 100% remote to help offset the cost of living in the NYC metro area and cost of commuting.

I want Simon and Shuster gone. Yesterday.

Any reason why S&S specifically?

nai06 said:

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LOYAL AG said:

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nai06 said:

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Average pay for an entry level position which requires a degree in most cases is 36k-45k

That's not really feasible for the NYC area. People have accepted it as the norm for a very long time and are starting to push back (see the HarperCollins strike currently underway).

There certainly is a benefit to getting your foot in the door at a big 5. But when publishing as a whole is centered in a place with a high cost of living, you can quickly reach point where you just can't make it work. The market is slowly starting to push back for higher wages. A similar thing happened some years back with unpaid internships. It was common to work a year or two in an unpaid internship before getting into publishing. People pushed back and those are seen as vital anymore. Many of those positions converted to part time pay.

---

You and I have a fundamentally different opinion of free market economics. You (in a generic sense) went into publishing knowing it paid terrible so you accepted that as a condition of being in that industry. If the wages aren't enough change industries. "Learn to code".

The fundamental difference between liberals and conservatives is in how they view personal responsibility. You want publishing to pay a better wage seemingly without regard for what the increased cost means to the industry as a whole. I want you to own your circumstances and make the best decision for yourself. If you want to be in publishing build a life around $40k. If you want to make $60k change careers. It really is that simple.

---

So if most publishers are paying X a year for say an editorial assistant and the work force is no longer willing to work for X but would do that work for Y, isn't that the free market responding?


The labor market is responding to what they view as inadequate wages and are no longer willing to accept that. Companies are responding in different ways in order to meet the new demands of the labor market. Some are increasing wages and others are looking for other incentives. Penguin Random House went to 100% remote to help offset the cost of living in the NYC metro area and cost of commuting.

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Yes that is the market responding as it should. My initial response here was to your comment that these people are severely(?) underpaid and I disagreed with that. Nobody is underpaid and it sounds like the market is agreement. Sounds like we might be debating semantics a bit so if that's the case I apologize for the afternoon long derail.

nai06 said:

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Any reason why S&S specifically?

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For one thing their $600 Dylan autographed books were fake.

https://www.nytimes.com/2022/11/22/arts/bob-dylan-fake-signature.html

Oof that's not a good look for S&S. Sometimes authors use auto pens when they have mobility issues or need an accommodation. But 900 is such a small number of tip in sheets to sign I'm surprised that an auto pen was used. I wonder if it's something that S&S was aware of or not.