Traditional Publishing
Self-Publishing
Share

Penguin Random House to Buy Simon & Schuster for $2.175 Billion

lunch.publishersmarketplace.com – Wednesday November 25, 2020

ViacomCBS announced Wednesday morning that it has a definitive agreement to sell Simon & Schuster to Penguin Random House for $2.175 billion in cash, “from existing liquid funds.” The transaction is expected to close in 2021, with S&S ceo Jonathan Karp telling staff that will “likely” happen “in the second half of 2021 at the earliest.” It is subject to regulatory approvals — primarily in the US — and competing bidders such as HarperCollins parent News Corp. have already declared they believe “it will clearly be a serious antitrust issue.” Bertelsmann has already indicated it does not expect approval issues. (Internal PRH documents on “messaging” with industry partners about the deal acknowledges “rumors” they “will face antitrust challenges because of our size” and asserts “these are not grounded in fact and we assume may be perpetuated by competitors.”) The agreement includes a termination fee in the event the acquisition fails to win approval.

To read the full article on lunch.publishersmarketplace.com, click here

Share