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Thank you. From Wondery, I'm David Brown, and this is Business Wars Daily on this Tuesday, August 15th.

From the outside, book publishing seems like a glamorous business filled with brilliant authors,

thoughtful editors, glitzy parties. The reality, though, is a bit different. One analysis

published in the journal EPJ data science found that while roughly three million books are

published each year worldwide, fewer than 500 make the New York Times bestseller list, and one literary agent estimates that just one in four books even earns back the advance that was paid to the author.

So as publishers strike a delicate balance between money-losing titles and big-name authors who command huge advances,

it's not surprising they're looking for ways to consolidate or find new opportunities

in the marketplace, and that can make for some strange bedfellows. Like the recent announcement that

private equity giant KKR is buying Simon & Schuster from Paramount for more than one and a half

billion dollars. The company will go private after the deal closes, CNN reports.

Simon & Schuster is the country's third largest publishing house and the home of authors like Stephen King, Colleen Hoover, and Bob Woodward.

...