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Paramount Global: sells Simon & Schuster to KKR

( - Alongside its quarterly earnings call, Paramount Global announced on Monday that it had signed a definitive agreement to sell its Simon & Schuster publishing house to KKR for $1.
62bn, in an all-cash transaction.

The proceeds of the transaction will give Paramount additional financial leeway and a greater ability to create long-term value for shareholders, while reducing debt on the company's balance sheet, management said.

The transaction's completeion is subject to customary closing conditions, including regulatory approvals. Simon & Schuster will continue to be led by CEO Jonathan Karp and COO and CFO Dennis Eulau.

KKR intends to support many of Simon & Schuster's growth initiatives, including its expansion into various genres and categories, the expansion of its distribution relationships and the acceleration of its growth in international markets.

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