Exciting news in the world of trade publishing! Simon & Schuster, the renowned book imprint, has completed its much-anticipated sale to investment firm KKR as it embarks on a thrilling new chapter in its illustrious history. The acquisition, valued at a staggering $1.62 billion (!!!), allows Simon & Schuster to become an independent major trade publisher, making waves in the industry.
Last year, there were murmurs about Penguin Random House’s intention to purchase Simon & Schuster from Paramount. However, the ambitious deal was thwarted by US courts citing concerns over monopoly laws. In a dramatic turn of events, KKR emerged as the eventual buyer, securing Simon & Schuster’s destiny as an independent powerhouse in the realm of literature.
With the all-cash transaction now complete, Simon & Schuster stands tall as the only independent major trade publisher. This remarkable achievement marks a pivotal moment for the company, founded in 1924, and its CEO Jonathan Karp, who will continue to lead the charge.
In a press release, Paramount CEO Bob Bakish expressed his satisfaction with the outcome, stating, “After a highly competitive process, this is an ideal outcome for both Simon & Schuster and Paramount.” He further acknowledged that the deal positions Simon & Schuster for future growth while benefiting Paramount’s de-levering plan. Paramount, having been a part of the Simon & Schuster family for nearly 50 years, bids them farewell and wishes the team continued success.
For Jonathan Karp, the closing of the deal marks an exhilarating moment, signifying a return to the company’s roots as a standalone entity, while also opening doors to forge an exciting new path together. KKR’s substantial resources promise to strengthen the publisher and establish it as an even more dynamic force in the industry.
Ted Oberwager, a partner at KKR, expressed his confidence in the venture, emphasizing the immense opportunity lying ahead. He affirms that Simon & Schuster’s reputation for delivering captivating and compelling books makes the company well-positioned to capture the attention of readers worldwide.
As avid book lovers and enthusiasts, we eagerly anticipate the promising future ahead for Simon & Schuster. With the support of KKR, this momentous acquisition sets the stage for groundbreaking literary endeavors and captivating stories to grace the shelves of bookstores and e-readers alike.
Stay tuned as Simon & Schuster continues to shape the literary landscape, bringing us more gripping tales and mesmerizing narratives in the days to come. The publishing world will never be the same again.
The post “Paramount Closes $1.62B Sale of Simon & Schuster to Investment Firm KKR: A New Chapter Begins!” appeared first on the L’Art Magazine.
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