After Blocked Deal, Paramount Sells Simon & Schuster to Private Equity Firm KKR for $1.62B
“We see a compelling opportunity to help Simon & Schuster become an even stronger partner to literary talent by investing in the expansion of the company’s capabilities and distribution networks,” stated Richard Sarnoff, chairman of Media at KKR.
Simon & Schuster, run by CEO Jonathan Karp, has a roster that includes recent bestsellers from Stephen King, Colleen Hoover, Taylor Jenkins Reid and Ruth Ware under 20-plus imprints including Scribner, Atria, Gallery and One Signal. Recently unveiled book deals include memoirs from Britney Spears, actress Nia Long, TV host Stephen A. Smith and director Edward Zwick.
As part of a plan to slim down its asset portfolio to scale up its entertainment assets, Paramount shed tech site CNET for $500 million in 2020, CBS’ New York BlackRock headquarters building for $760 million and CBS’ Studio City lot for $1.85 billion in 2021. Leadership had thought it found a buyer for Simon & Schuster in late Nov. 2020, when it entered an agreement to sell the publisher to German media giant Bertelsmann, owner of Penguin Random House.
The DoJ’s case ultimately convinced U.S. Circuit Court Judge Florence Y. Pan to block the sale last year, calling the proposed 49 percent market share of the combined entity “concerningly high” which would be “more than twice that of its closest competitor.”
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