2023-08-07 22:01:14
The well-known US publisher Simon & Schuster is said to belong to a financial investor in the future. The media giant Paramount agreed with the investment company KKR on a purchase price of 1.62 billion dollars (1.48 billion euros), the companies announced on Monday. The authors of Simon & Schuster include Stephen King and Hillary Clinton.
KKR competed for Simon & Schuster with the publishing house HarperCollins, which is a subsidiary of the Australian News Corp group. Simon & Schuster has been for sale since 2020. Initially, Penguin Random House, a competitor belonging to the Bertelsmann Group, wanted to buy the New York publishing house. But the $2.18 billion deal was prevented by US competition watchdogs with a successful lawsuit last fall. The sale to KKR still has to be approved by regulators.
Paramount shares rose seven percent in following-hours trading. The company reported revenue of $7.62 billion for the second quarter, beating the average analyst estimate of $7.43 billion.
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