Current:Home > NewsParamount sells Simon & Schuster to private investment firm-DB Wealth Institute B2 Reviews & Ratings
Paramount sells Simon & Schuster to private investment firm
lotradecoin updates View Date:2024-12-25 16:58:28
Simon & Schuster has been acquired by private investment firm KKR for $1.62 billion, according to a joint statement between the firm and the publishing giant's parent company, Paramount Global.
The deal will turn Simon & Schuster into a "standalone private company and will continue to be led by Jonathan Karp, President and CEO and Dennis Eulau, COO and CFO of Simon & Schuster," the statement continues.
The publishing industry is dominated by a few mega-corporations that, over the decades, have acquired smaller imprints.
Last year, the Department of Justice blocked Penguin Random House from acquiring Simon & Schuster for $2.2 billion.
"The proposed merger would have reduced competition, decreased author compensation, diminished the breadth, depth, and diversity of our stories and ideas, and ultimately impoverished our democracy," Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division said in a statement at the time.
In addition to Simon & Schuster, Paramount Global's portfolio includes CBS, Showtime Networks, Nickelodeon, MTV and a vast film and TV collection. As the media industry grapples with changing consumer habits, a fickle ad market and the Hollywood writers and actors strikes, the sale to KKR will help Paramount Global pay down debt.
Bob Bakish, President and CEO of Paramount Global, writes, "The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet."
This story was edited by Rose Friedman.
veryGood! (7)
Related
- Detroit judge orders sleepy teenage girl on field trip to be handcuffed, threatens jail
- Authorities scramble to carry out largest fire evacuations in Greece's history: We are at war
- Decades in prison for 3 sentenced in North Dakota fentanyl trafficking probe
- 'Haunted Mansion' review: Don't expect a ton of chills in Disney's safe ghost ride
- White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly
- X's and Xeets: What we know about Twitter's rebrand, new logo so far
- Education Department investigating Harvard's legacy admission policies
- Where the 2024 Republican presidential candidates stand on China
- Alabama lawyer accused of sexually assaulting handcuffed inmate, lawsuit says
- Most-Shopped Celeb-Recommended Items This Month: Kendall Jenner, Jennifer Aniston, Alix Earle & More
Ranking
- Video shows 2 toddlers in diapers, distraught in the middle of Texas highway after crash
- Rod Stewart, back to tour the US, talks greatest hits, Jeff Beck and Ukrainian refugees
- Ukrainian man pleads guilty in dark web scheme that stole millions of Social Security numbers
- Trump’s Former Head of the EPA Has Been a Quiet Contributor to Virginia’s Exit From RGGI
- Gena Rowlands, acting powerhouse and star of movies by her director-husband, John Cassavetes, dies
- 'A great man': Chicago Blackhawks owner Rocky Wirtz dies at age 70
- Bowe Bergdahl's conviction vacated by federal judge
- Traps removed after no sign of the grizzly that killed a woman near Yellowstone
Recommendation
-
2025 COLA estimate dips with inflation, but high daily expenses still burn seniors
-
Trans man's violent arrest under investigation by Los Angeles sheriff's department
-
New Congressional bill aimed at confronting NIL challenges facing NCAA athletes released
-
We Ranked All of Sandra Bullock's Rom-Coms and Yes, It Was Very Hard to Do
-
2025 COLA estimate dips with inflation, but high daily expenses still burn seniors
-
Pedestrians scatter as fire causes New York construction crane’s arm to collapse and crash to street
-
Texas QB Arch Manning agrees to first NIL deal with Panini America
-
Lionel Messi shines again in first Inter Miami start, scores twice in 4-0 win over Atlanta