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Simon & Schuster may be bought by Penguin Random House parent
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$2 billion deal would create U.S. publishing powerhouse
Simon & Schuster dominated the political conversation in 2020, publishing such bestsellers as Mary L. Trump’s memoir “Too Much and Never Enough.”
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ViacomCBS Inc. is close to a deal to sell book publisher Simon & Schuster to German media giant Bertelsmann SE for more than $2 billion, people familiar with the matter said, in a deal that would create a publishing behemoth accounting for about a third or all books sold in the U.S.
BTG4,
Penguin Random House already is the U.S.’s largest publisher by books sold, while Simon & Schuster is the third largest, behind News Corp’s HarperCollins Publishers.
The companies haven’t yet reached a final agreement, and it is possible the deal still could fall apart, the people said.
ViacomCBS
VIAC,
put Simon & Schuster up for sale in March, saying it would use the cash proceeds to further invest in its streaming-video efforts. Viacom Inc. and CBS Corp. completed their merger in December 2019. The company earlier this year agreed to sell CNET Media Group for $500 million and is looking to sell “Black Rock,” CBS’s historic Midtown Manhattan headquarters.
An expanded version of this report appears on WSJ.com.
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