Reuters reported. It’s working with a financial advisor, and putting the value of the company between $2 billion and $2.5 billion.
The process was at an early stage and a deal is not certain, the report said.That would be in line with the $2.2 billion, Paramount, then known as Viacom CBS, had agreed to sell Simon and Schuster for in November 2020 to Penguin Random House for $2.2 billion.But the plan, which would have combined the No.
1 and No. 3 U.S. book publishers, was blocked by a federal judge on Oct. 31, who found that merging the two companies would “substantially lessen competition” in the market.Penguin Random House tried to convince Simon & Schuster to fight the decision, but its parent Paramount backed off, and instead sought a $200 million termination fee in the wake of the failed deal.Simon & Schuster did not immediately respond to TheWrap’s request for confirmation on the new effort to unload the publishing house, which includes Stephen King, Bob Woodward, and the current best selling author, Colleen Hoover, who has the Nos.
1 and 2 slots on the New York Times Best Sellers list. King had testified against the merger with Penguinn.Paramount is reportedly aiming for a private equity buyout in order to avoid the antitrust issues that ultimately nixed the Penguin Random House deal.
Read more on thewrap.com
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