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ViacomCBS to Sell Simon & Schuster to Penguin Random House for More Than $2 Billion
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hollywoodreporter.comViacomCBS said Wednesday that it has agreed to sell its book unit Simon & Schuster to Bertelsmann's Penguin Random House for $2.175 billion in cash.
The merged company, created by the December recombination of Viacom and CBS Corp., previously sold CBS digital unit CNET for $500 million and will now divest the book division that CBS brought to the table in the merger.
Proceeds from the divesture, expected to close next year after regulatory approvals, will be used to invest in ViacomCBS’s "strategic growth priorities, including in streaming, as well as to fund the dividend and pay down debt."The company plans to beef up and rebrand streaming service CBS All Access under the name Paramount+ next year.
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