ViacomCBS announced Wednesday, November 25, that it would sell publishing company Simon & Schuster to Bertelsmann’s Penguin Random House in a deal worth nearly US$2.18 billion.
The deal comes after ViacomCBS put the global publisher up for auction, a move it made to divest non core assets from its company, reported The Financial Times. Proceeds from the deal will be put toward ViacomCBS’ streaming business, fund its dividend, and pay down debt. The company also recently sold CNET for US$500 million as part of this strategy.
With Simon & Schuster as part of the company, Bertelsmann’s publishing empire will account for about a third of all books sold in the US. The deal would put some of the world’s bestselling authors including John Grisham, Bob Woodward, Doris Kearns Goodwin, and Stephen King under the same corporate umbrella.
Simon & Schuster will continue to be managed as a separate publishing unit under Penguin Random House. Jonathan Karp, president and CEO of Simon & Schuster, alongside Dennis Eulau, who acts as chief operating officer and chief financial officer for the company, will continue to helm the publishing company.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI