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Paramount Sells its Book Publishing division Simon and Schuster to KKR

Y2kTheNewOldies

Y2kTheNewOldies

deadline.com

It’s Official: Paramount Global Sells Simon & Schuster To KKR For $1.62 Billion In Cash

UPDATED with sale announced: Paramount Global has inked a deal to sell publisher Simon & Schuster to private investment giant KKR, the media conglom said this afternoon as it reported second-qu…
deadline.com deadline.com


Paramount Global has inked a deal to sell publisher Simon & Schuster to private investment giant KKR, the media conglom said this afternoon as it reported second-quarter earnings.

“We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with KKR,” said Bob Bakish, Paramount Global CEO. “The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delevering our balance sheet.”
Bakish is currently talking with analysts on a post-earnings conference call, more details to come.

The company said that ffter the closing of the transaction, Simon & Schuster will become 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.
Click to expand...
 
Simon & Schuster has been on the block for a long time. Former corporate CEO Les Moonves hoped to sell it to Amazon in 2014:

news.yahoo.com

Amazon in talks with Simon & Schuster: Moonves

Amazon.com Inc is in talks with Simon & Schuster Inc, the chief executive of the book publisher's parent company said on Tuesday, representing a second front in Amazon's feud with the publishing industry over digital book pricing. The talks come as the largest online book retailer remains...
news.yahoo.com news.yahoo.com

The price has gone down a lot since then. Now it's going to an investment company known for ruining companies.

So what will Paramount do with the new cash? Buy part of Warner? Buy part of Disney?
 
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