NEW YORK (AFP) – Paramount Global said on Monday it had reached an agreement to sell Simon & Schuster, a top United States (US) publisher, to private equity firm KKR for USD1.62 billion.
The proposed sale, if it goes through, will end a years’ long effort to sell the prestigious publishing house, whose authors include Stephen King, Colleen Hoover and Bob Woodward.
“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,” Paramount Global president and CEO Bob Bakish said in a statement on Monday.
