ViacomCBS: sells book publishing unit Simon & Schuster
(CercleFinance.com) - US media giant ViacomCBS said on Wednesday that it has entered into a definitive agreement to sell its book publishing business Simon & Schuster to Penguin Random House, which is owned by Germany's Bertelsmann, for 2.
175 billion dollars in cash.
The divestment comes after a strategic review of non-core assets that ViacomCBS undertook early in 2020 and following a highly competitive auction that attracted interest from buyers worldwide, the company said.
Viacom said the proceeds from the sale will be used to invest in its strategic growth priorities, including in streaming, as well as to pay dividends and reduce its debt.
Simon & Schuster - which has over 30 publishing units across the adult, children, audio and international segments - owns a portfolio of best-selling authors, including Stephen King.
The publishing house also specializes in political works, with the publication of the autobiographies of the US female politicians Kamala Harris and Ruth Bader Ginsburg.
The transaction is expected to be closed next year.
Upon close, Simon & Schuster will continue to be managed as a separate unit under the Penguin Random House umbrella.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
175 billion dollars in cash.
The divestment comes after a strategic review of non-core assets that ViacomCBS undertook early in 2020 and following a highly competitive auction that attracted interest from buyers worldwide, the company said.
Viacom said the proceeds from the sale will be used to invest in its strategic growth priorities, including in streaming, as well as to pay dividends and reduce its debt.
Simon & Schuster - which has over 30 publishing units across the adult, children, audio and international segments - owns a portfolio of best-selling authors, including Stephen King.
The publishing house also specializes in political works, with the publication of the autobiographies of the US female politicians Kamala Harris and Ruth Bader Ginsburg.
The transaction is expected to be closed next year.
Upon close, Simon & Schuster will continue to be managed as a separate unit under the Penguin Random House umbrella.
Copyright (c) 2020 CercleFinance.com. All rights reserved.