Paramount Global Announces $1.62B Sale of Simon & Schuster
Simon & Schuster, one of the "big five" publishers in New York, has been purchased by private equity firm KKR for $1.62 billion, as announced by its parent company, Paramount Global. The sale follows a blocked attempt by Penguin Random House to acquire the publisher for $2.2 billion due to antitrust concerns raised by the Department of Justice. Under the Biden administration, there has been heightened scrutiny on mergers, and following a three-week trial in 2022, the merger was deemed harmful to competition. Paramount decided against appealing the decision and proceeded with their sale plans. Simon & Schuster, set to celebrate its 100th anniversary next year, boasts prominent authors like Stephen King and Bob Woodward.
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00:00 Benzinga and here's what's on the block. Simon & Schuster, one of the big five publishers in
00:04 New York, has purchased a private equity firm, KKR, for $1.62 billion, as announced by its parent
00:11 company, Paramount Global. The sale follows a blocked attempt by Penguin Random House to acquire
00:17 the publisher for $2.2 billion due to antitrust concerns raised by the Department of Justice.
00:22 Under the Biden administration, there has been heightened scrutiny on mergers, and following a
00:27 three-week trial in 2022, the merger was deemed harmful to competition. Paramount decided against
00:33 appealing the decision and proceeded with their sale plans. Simon & Schuster, set to celebrate
00:38 its 100th anniversary next year, boasts prominent authors like Stephen King and Bob Woodward.
00:43 For all things money, visit Benzinga.com
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