Paramount International struck a deal on Monday to sell off publishing wide Simon & Schuster to private equity firm KKR for $1.62 billion, the media firm launched, two years after a wide deal to sell the publisher fell apart resulting from antitrust components.
Paramount International agreed to a deal to sell Simon & Schuster for $1.62 billion.
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Key Facts
KKR will obtain the publisher in an all-cash transaction, CBS parent Paramount launched, making Simon & Schuster a standalone private firm under its contemporary CEO Jonathan Karp and COO Dennis Eulau.
The deal for the Unique York-essentially essentially essentially based publishing residence, whose published authors consist of Bob Woodward, Carrie Fisher, Hunter S. Thompson, Ernest Hemingway, F. Scott Fitzgerald and Shel Silverstein, has no longer closed, and restful requires regulatory approval.
In an announcement, KKR said the firm plans to enhance astronomical-five publishing firm Simon & Schuster’s domestic publishing across genres and “slump” sigh internationally.
Key Background
The deal marks the end of a saga to sell the ninety 9-yr-feeble publishing firm, after it launched plans in gradual 2020 to sell to Penguin Random Rental for nearly about $2.2 billion. That deal used to be quashed final yr, after the Department of Justice received a lawsuit to block the deal one yr earlier, alleging the acquisition would stifle competition and cease in much less cash for authors and fewer books published. Federal officers if that is the case argued the deal would private been “more seemingly to diminish overall output, creativity, and fluctuate” of published books, though plaintiffs argued the deal would private “toughen[d] competition” by pooling sources. As a results of the deal falling flat, Penguin Random Rental used to be required to pay Paramount International $200 million, essentially essentially essentially based on the phrases of the proposed settlement.
