Current:Home > MarketsParamount to sell Simon & Schuster to private equity firm KKR for $1.62 billion-VaTradeCoin
Paramount to sell Simon & Schuster to private equity firm KKR for $1.62 billion
lotradecoin projects View Date:2024-12-25 22:48:34
Paramount has struck a deal to sell Simon & Schuster to private-equity firm KKR for $1.62 billion. The agreement comes after a federal judge in November blocked the publisher's purchase by Penguin Random House, the country's largest publisher, over antitrust concerns.
Simon & Schuster will become a standalone private company after the all-cash deal is completed, the media giant said in a Monday statement. (Paramount Global, which owns Simon & Schuster, is also CBS News' parent company.)
"All of the executives at Simon & Schuster who met with KKR came away from those conversations impressed with the depth of KKR's interest in our business and their commitment to helping us grow, thrive and become an even stronger company," said Jonathan Karp, president and CEO of Simon & Schuster, in a statement.
Book publishing's "Big Five"
Simon & Schuster, where authors include Stephen King, Colleen Hoover and Bob Woodward, is one of the so-called "Big Five" of New York publishing, with others including Penguin Random House, HarperCollins Publishing, Hachette Book Group and Macmillan.
HarperCollins, owned by Rupert Murdoch's NewsCorp, had reportedly been interested in buying Simon & Schuster.
Paramount, formerly ViacomCBS, put Simon & Schuster on the market in 2020 as it prepared to enter a crowded streaming space. Later that year, it announced a $2.2 billion deal with Penguin Random House, the world's largest publishing house.
However, that deal began to fall apart when the Justice Department filed a lawsuit to block the merger in 2021, contending that the new combination would stifle competition for best-selling books and lead to lower advances for authors. Paramount eventually scuttled the deal in 2022, a month after a federal judge ruled in favor the government's arguments and blocked the sale.
With reporting by the Associated Press.
- In:
- Paramount+
- Paramount
veryGood! (7)
Related
- 'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
- In remote mountain communities cut off by Helene, communities look to the skies for aid
- Everything you need to know about charging your EV on the road
- Chicago recalls the 'youthful exuberance' from historic 1971 Kennedy Center concert
- Supreme Court allows investors’ class action to proceed against microchip company Nvidia
- In Florida Senate Race, Two Candidates With Vastly Different Views on the Climate
- Hmong Minnesotans who support Tim Walz hope to sway fellow Hmong communities in swing states
- Turkish Airlines flight makes emergency landing in New York after pilot dies
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Dropping Hints
- Why RHOSLC's Lisa Barlow Is Calling This Costar a F--king B--ch
Ranking
- Through 'The Loss Mother's Stone,' mothers share their grief from losing a child to stillbirth
- Turkish Airlines flight makes emergency landing in New York after pilot dies
- Mila Kunis Shares Secret to Relationship With Husband Ashton Kutcher
- Busy Moms Deserve These October Prime Day 2024 Beauty Essentials - Revlon, Laneige & More, Starting at $4
- KISS OF LIFE reflects on sold
- I worked out with Jake Gyllenhaal, Matt Damon’s trainer. The results shocked me.
- Shirtless Chad Michael Murray Delivers Early Holiday Present With The Merry Gentlemen Teaser
- Stronger Storms Like Helene Are More Likely as the Climate Warms
Recommendation
-
Netizens raise privacy concerns over Acra's Bizfile search function revealing citizens' IC numbers
-
Chiefs WR Rashee Rice is likely out for season after successful knee surgery
-
What does Hurricane Milton look like from space? NASA shares video of storm near Florida
-
Breaking the cycle: low-income parents gets lessons in financial planning
-
GM to retreat from robotaxis and stop funding its Cruise autonomous vehicle unit
-
Influencer Caroline Calloway Says She Will Not Evacuate Florida Home Ahead of Hurricane Milton
-
Louisiana’s Cajun and Creole heritage will be showcased at 50th annual Festivals Acadiens et Creoles
-
Acting or hosting, Travis Kelce wants to continue to pursue a showbiz career. But first, football