The publishing offices of Simon and Schuster in New York.
Paramount Global agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, the media company said Monday as it reported earnings.
KKR's entry into the book publishing space comes months after Paramount scrapped its initial agreement to sell Simon & Schuster to rival Penguin Random House — which was valued at $2.2 billion — after a federal judge rejected the merger and it raised red flags with the government.
Paramount executives said during Monday's earnings call that the proceeds of the Simon & Schuster sale would be used in the company's ongoing effort to pay down debt.
Paramount reported revenue of $7.62 billion for the quarter, down about 2% year-over-year, as the company's TV segment was once again dragged down by lower advertising revenue.
Persons:
Simon, Schuster, Simon & Schuster, Naveen Chopra, Bob Bakish
Organizations:
Paramount Global, KKR, Paramount, Penguin Random, Simon &, Penguin, BET Media Group, BET, VH1, CNBC, Media, Revenue
Locations:
New York