The Trial. The DOJ’s Suit to Block Penguin Random House’s Acquisition of Simon & Schuster.

For three extraordinary weeks, dozens of ceos, literary agents, publishers and authors testified in court on how publishing and dealmaking works. The full account what was said and revealed stands as a singular window into the practices and personalities of trade publishing, including: Dealmaking: The intricacies of auction practices — round robins; best bids; better-best — and the agents who think competitive submissions are not auctions at all. Marketing: The thinness of early promises and plans, the "glam budget," and figures on marketing campaigns (where the largest trade publisher spends only 2 percent of revenues on marketing). P&Ls: Explained—or dubbed "really fake"—as the primary role of comps in setting the bar is discussed, and big-money deals and auctions are recounted. Plus: New bidding pledges are floated, code names are revealed (from Project Typeface to Silk), a very famous couple pursued an imprint deal, and new companies such as Zando, Spiegel & Grau and Astra are accorded much attention. Throughout it all, the passion of publishing people and the unpredictability of the publishing business shines through. Required Reading In the book publishing tradition of preserving the full record of significant events and documents, THE TRIAL presents the significant day-by-day antitrust trial coverage and insider analysis from Publishers Lunch with an edited version of the full public testimony and all of the key pre- and post-trial documents and filings.