(CercleFinance.com) – On the sidelines of the publication of its quarterly publications, Paramount Global announced on Monday the signing of a definitive agreement to sell its Simon & Schuster publishing house to KKR, for 1.62 billion dollars, in the in an all-cash transaction.
“The proceeds of the transaction will give Paramount additional financial flexibility and a greater ability to create long-term value for shareholders, while reducing the indebtedness of our balance sheet,” explains its CEO Bob Bakish.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals. Simon & Schuster will continue to be led by CEO Jonathan Karp and COO and CFO Dennis Eulau.
KKR intends to support many of Simon & Schuster’s growth initiatives, including its expansion into various genres and categories, expanding its distribution relationships and accelerating its growth in international markets.
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