17 September 2018
When Penguin and Random House announced in the fall of 2012 that they intended to merge, Hurricane Sandy was barreling toward New York City, America's publishing capital. It was an instant metaphor for headline writers: "As Sandy Loomed, the Publishing Industry Panicked." People inside both companies worried about their jobs; people outside the companies worried about the market power of a new conglomerate comprised of the country's two largest trade publishers. Agents and authors, meanwhile, worried that the consolidation would further drive down advances.