It’s Official: Paramount Global Sells Simon & Schuster To KKR For $1.62 Billion In Cash
Bakish is currently talking with analysts on a post-earnings conference call, more details to come.
“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. “With KKR’s support, we look forward to collaborating on new strategies that will enhance our ability to provide readers a great array of books and to give authors the best possible publication they can receive.
It’s the second deal for the storied publisher. A previous agreement to sell the book publisher to Bertelsmann’s Penguin Random House was blocked by U.S. regulators last year for being anti-competitive — a ruling that was upheld by a federal judge. A transaction with KKR wouldn’t face the same hurdles. HarperCollins, which is owned by Rupert Murdoch’s News Corp., was also a suitor.
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