Current:Home > ContactSimon & Schuster purchased by private equity firm KKR for $1.62 billion-DB Wealth Institute B2 Reviews & Ratings
Simon & Schuster purchased by private equity firm KKR for $1.62 billion
lotradecoin trading with stablecoins View Date:2025-01-12 14:38:00
NEW YORK (AP) — Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink in the book market.
The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied book publisher.
Simon & Schuster, where authors include Stephen King, Colleen Hoover and Bob Woodward, is one of the so-called “Big Five” of New York publishing, with others including Penguin Random House, HarperCollins Publishing, Hachette Book Group and Macmillan. HarperCollins, owned by Rupert Murdoch’s NewsCorp, had reportedly been interested in buying Simon & Schuster.
“All of the executives at Simon & Schuster who met with KKR came away from those conversations impressed with the depth of KKR’s interest in our business and their commitment to helping us grow, thrive and become an even stronger company,” said Jonathan Karp, president and CEO of Simon & Schuster, in a statement.
Late in 2020, Paramount had announced the sale of Simon & Schuster to Penguin Random House for $2.2 billion, a deal that would have made the new company by far the biggest in the U.S. But the Department of Justice, which under the Biden administration has taken a tougher stance on mergers compared to other recent presidencies, sued to block the sale in 2021.
After a three-week trial in the summer of 2022, with King among those opposing the merger, U.S. District Judge Florence Y. Pan ruled in the government’s favor, saying the DOJ had made “a compelling case that predicts substantial harm to competition.”
Paramount declined to appeal the decision, and instead renewed its efforts to sell Simon & Schuster, which next year marks its centennial. The company, founded in 1924 by Richard Simon and Max Schuster, has changed ownership a handful of times since being purchased by Gulf+Western in 1975.
veryGood! (89346)
Related
- Alabama lawyer accused of sexually assaulting handcuffed inmate, lawsuit says
- Former CNN anchor Don Lemon sues Elon Musk over canceled X deal: 'Dragged Don's name'
- Can dogs eat grapes? Know which human foods are safe, toxic for your furry friends.
- Man gets prison for blowing up Philly ATMs with dynamite, hauling off $417k
- Biden to designate 1908 Springfield race riot site as national monument
- Pregnant Cardi B Puts Baby Bump on Display in New York After Filing for Divorce From Offset
- Why Pregnant Cardi B’s Divorce From Offset Has Been a “Long Time Coming”
- Environmental Journalism Loses a Hero
- Anchorage police shoot, kill teenage girl who had knife; 6th police shooting in 3 months
- 'Deadpool & Wolverine' is a blast, but it doesn't mean the MCU is back
Ranking
- 'Business done right': Why the WWE-TNA partnership has been a success
- Wisconsin judge refuses GOP request to pause absentee voting ruling sought by disabled people
- Wildfires encroach on homes near Denver as heat hinders fight
- These 13 states don't tax retirement income
- Detroit judge orders sleepy teenage girl on field trip to be handcuffed, threatens jail
- Teen Mom’s Maci Bookout Supports Ex Ryan Edwards’ Girlfriend Amid Sobriety Journey
- 'Just glad to be alive': Woman rescued after getting stuck in canyon crevice for over 13 hours
- Mexican drug cartel leader ‘El Mayo’ Zambada makes a court appearance in Texas
Recommendation
-
CPI report for July is out: What does latest data mean for the US economy?
-
14-month-old boy rescued after falling down narrow pipe in the yard of his Kansas home
-
Illinois sheriff whose deputy shot Sonya Massey says it will take rest of his career to regain trust
-
Jamie Lee Curtis Apologizes for Toilet Paper Promotion Comments After Shading Marvel
-
Alabama Supreme Court authorizes third nitrogen gas execution
-
Do Swimmers Pee in the Pool? How Do Gymnasts Avoid Wedgies? All Your Olympics Questions Answered
-
Massachusetts governor says Steward Health Care must give 120-day notice before closing hospitals
-
Marketing firm fined $40,000 for 2022 GOP mailers in New Hampshire