ViacomCBS announced Tuesday a $2.175 billion money deal to sell its Simon & Schuster book publishing company to Penguin Random Dwelling.
The acquisition, which would mix the No. 1 and No. 3 U.S. book publishers, is anticipated to shut in 2021 pending regulatory approval.
Penguin Random Dwelling, a division of the German media big Bertelsmann, will continue to be managed as a separate publishing unit with most contemporary President and CEO Jonathan Karp and COO/CFO Dennis Eulau continuing as its high executives.
Also Be taught: ViacomCBS to Sell Publisher Simon and Schuster
HarperCollins, a division of the Rupert Murdoch-owned Files Corp, and the French media big Vivendi had been also within the running to elevate Simon & Schuster, per the reviews.
Simon & Schuster, which has better than 30 publishing models, has a stable of handiest-selling authors that capabilities Stephen King, Doris Kearns Goodwin and Jason Reynolds and a worthwhile backlist of beloved hits appreciate “Score-22” and “The 7 Habits of Highly Efficient Folks.”
Bob Bakish talked about all the map through an investor conference in March that ViacomCBS changed into once peep to dump Simon & Schuster.
“We’ll hang shut in a job and peep at strategic imaginable decisions for Simon & Schuster,” the ViacomCBS CEO talked about all the map through the Morgan Stanley Technology, Media and Telecom Conference in San Francisco. He added that the publishing unit “is now not a core asset. It’s now not video-based entirely. It doesn’t safe essential connection for our broader substitute.”
The publishing company based in 1924 by Richard Simon and M. Lincoln Schuster. Viacom received Simon & Schuster in 1994 as section of its acquisition of Paramount Communications. It went with CBS Corp. after Sumner Redstone split the two corporations in 2006.
ViacomCBS has faced monetary challenges since re-combining in 2019 — complications which were exacerbated this year by the coronavirus pandemic.