Simon & Schuster sold to Penguin Random House

ViacomCBS (MORE) on Wednesday announced it would sell Simon & Schuster to Penguin Random House, a subsidiary of German media giant Bertelsmann, for $ 2.175 billion in cash. The deal is expected to be concluded next year and subject to regulatory approval.
ViacomCBS, which owns the CBS network, CBS All Access, Paramount Pictures, Showtime and MTV, among others, said the sale was part of the company’s efforts to offload non-core assets after Viacom and CBS reunited the year last. The company sold CNET Media Group earlier this year.

Simon & Schuster is the third largest publishing house in the United States. This year he has published several revealing books about Trump, including “Rage” by Bob Woodward and “Too Much and Never Enough” by Mary Trump. It also publishes successful authors such as Stephen King and Doris Kearns Goodwin. Penguin Random House, the world’s largest publishing house, has just released President Barack Obama’s new memoir, “A Promised Land”.

When the deal is closed, Simon & Schuster will continue to operate as a separate publishing unit. Jonathan Karp will remain President and Chief Executive Officer and Dennis Eulau as Chief Operating Officer and Chief Financial Officer.

In a note to staff on Wednesday, Karp wrote that Simon & Schuster had had seven owners in its 96-year history.

“From these transformations, we have adapted to new direction, welcomed other companies into our fold, and have always emerged stronger, with an enduring commitment to excellence in book publishing.” When we join Penguin Random House after closure, we can look forward to new relationships and opportunities that will enhance our ability to provide authors with the best possible publication they can receive, ”Karp wrote.

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