ViacomCBS to sell Simon & Schuster for $2.2B

Wednesday, 25. November 2020 15:14

ViacomCBS Inc. announced on Wednesday that it reached an agreement on selling its publishing subsidiary Simon & Schuster to Penguin Random House LLC in a $2.175 billion cash transaction.

"This divesture follows a strategic review of non-core assets ViacomCBS undertook early in 2020. Proceeds from the transaction 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 said in a press release.

Penguin Random House LLC is a subsidiary of German private media conglomerate Bertelsmann SE & Co. KGaA.

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Breaking the News / MS