NOVA YORK - Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion.
NOVA YORK - Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion.
"We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with KKR," Paramount Global president and CEO Bob Bakish said in a statement Monday. The deal announced Monday is less than last year's tentative plan to sell the company to Penguin Random House for $2.18 billion, which foundered amid regulatory concerns.
Paramount at the time made clear its intentions to continue to look for a buyer for the unit, calling it"a non-core asset."Also in the running for a potential purchase were fellow publisher HarperCollins, held by Murdoch-owned News Corp, and investor Richard Hurowitz, backed by Abu Dhabi sovereign wealth fund Mubadala Investment, the Wall Street Journal reported last week.
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