“Simply put, we don’t need Simon & Schuster. The company isn’t working for us and it won’t be able to deliver for the foreseeable future.
It’s an expensive way to spend our precious capital and we could generate far better returns with the money we’re already spending. We could allow another publisher, perhaps a smaller house, to make the costly investments that are necessary to compete in today’s industry. It would be easy to let our investments wither on the vine while the costs of keeping Simon & Schuster alive keep rising, but we chose the opposite path – we’re investing in others. We’re doubling down, not backing down.
But the company doesn’t intend to give us up easily. Simon & Schuster refuses to work with us; they’re afraid of us. They’ve repeatedly refused to work with us on projects we agree to, only showing up for the final contracts once we’ve paid the settlements. They keep making us pay for their failure. We’ll keep chipping away at their impasse until they recognize and work with us, or at least until we get out of their way so other publishers can get through their own dreary pursuits with a clear path.
The only thing they seem to be against is people like us. They seem more interested in punishing people who speak up, in intimidating people who speak up, in silencing people who speak up. We applaud you all for standing up for the truth.”