Paramount sells Simon & Schuster publishing house, one of the five largest in the USA - Wishevoke

Paramount sells Simon & Schuster publishing house, one of the five largest in the USA

Association Paramount Global chose caution and announced that it would sell Simon & Schuster to the investment firm KKR after the sale to competitor Penguin Random House was thwarted by the judiciary.

Bob Kakis, Paramount’s chief executive, said in a press release that the company is “pleased to have reached an agreement” that will “provide outstanding value to its shareholders” and “advance the… Simon & Schuster and KKR in the next phase of development.”

Paramount and KKR have signed a “definitive agreement” to sell the property $1.62 billion in cash, it will be stated in the announcement. This is an amount well below what he was willing to pay Penguin Random House ($2.18 billion) to merge two of the five largest US publishers.

But the U.S. Department of Justice rejected the merger, citing the possibility that the new group would reduce the number of books it publishes or the royalties it pays authors. It came to court in November 2021. A judge confirmed it in 2022 on the grounds that there was a distortion or weakening of “competition”.

Η Of utmost importanceWhen the company announced the abandonment of the merger plan in November 2022, it noted that Simon & Schuster was not considered a strategic asset and indicated that it could proceed with the sale to another interested party.

On Friday, the Wall Street Journal reported that in addition to KKR, publisher HarperCollins (News Corp) and investor Richard Harowitz remained in the ring with the support of the Mubadala Investment Fund (Abu Dhabi, United Arab Emirates). Simon & Schuster was founded in 1924 and prints around 2,000 books annually. It has the rights to several worldwide best-selling authors, including the novelist Stephen King or the journalist Bob Woodward.

His catalog includes almost 36,000 titles for adults and children, including audio books. It employs 1,600 people.

Source: RES-MPE

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