Simon & Schuster is again up for sale. Months after a federal judge halted Penguin Random House's plan to purchase its longtime rival, Simon & Schuster's CEO...
NEW YORK — Simon & Schuster is again up for sale. Months after a federal judge halted Penguin Random House’s plan to purchase its longtime rival, Simon & Schuster’s CEO and parent company, Paramount Global, have confirmed that the publisher is back on the market, with a sale possible by the end of the year.
“I can now report that, as expected, Paramount has resumed the process of selling Simon & Schuster,” Simon & Schuster CEO Jonathan Karp wrote in a staff memo shared Thursday with The Associated Press. Karp noted in the letter that Simon & Schuster is enjoying a strong 2023 so far, with double-digit domestic revenue growth over the first three months compared with the same time period last year.
Paramount PARA has said that Simon & Schuster does not fit “strategically” because it’s not video-based. During an earnings report call Thursday morning, Paramount CFO Naveen Chopra noted that the company was committed to “divesting non-core assets.” Simon & Schuster, founded nearly a century ago, publishes such best-selling authors as Colleen Hoover, Stephen King and Bob Woodward. It has a long history of releasing political books, from Hillary Clinton’s memoir “Living History” to Woodward’s Donald Trump book “Fear,” and also works with such acclaimed fiction writers as King, Jennifer Egan and Don DeLillo.
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