Paramount Global has reached an agreement to sell publishing giant Simon & Schuster to private equity firm KKR for $1.62 billion, two years after a previous deal was blocked by the Department of Justice.
Paramount Global struck a deal on Monday to sell off publishing giant Simon & Schuster to private equity firm KKR for $1.62 billion, the media companyParamount Global agreed to a deal to sell Simon & Schuster for $1.62 billion.KKR will acquire the publisher in an all-cash transaction, CBS parent Paramount announced, making Simon & Schuster a standalone private company under its current CEO Jonathan Karp and COO Dennis Eulau.
The deal for the New York-based publishing house, whose published authors include Bob Woodward, Carrie Fisher, Hunter S. Thompson, Ernest Hemingway, F. Scott Fitzgerald and Shel Silverstein, has not closed, and still requires regulatory approval. In a statement, KKR said the company plans to expand big-five publishing company Simon & Schuster’s domestic publishing across genres and “accelerate” growth internationally.The deal marks the end of a saga to sell the 99-year-old publishing company, after it announced plans in late 2020 to sell to Penguin Random House for nearly $2.2 billion.
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