 deal. Private investment firm KKR agreed to buy the New York-based publishing giant from its owner Paramount Global, the companies confirmed on Monday. Simon & Schuster, founded in 1924, has published more than 36,000 titles, including Colleen Hoover's romance novel It Ends With Us . The company, which employs more than 1,600 people globally, is one of United States' so-called Big Five publishers, which includes Penguin Random House, Macmillan and HarperCollins. The company will operate as a standalone business once the sale is completed, with Jonathan Karp continuing as chief executive. Mr Karp said: 'With KKR's support, we look forward to collaborating on new strategies that will enhance our ability to provide readers a great array of books and to give authors the best possible publication they can receive.' Proceeds from the sale will give Paramount 'additional financial flexibility', according to chief executive Bob Babkish, with the media and entertainment conglomerate seeking to reduce its debt as it makes the costly transition from broadcast television to online streaming services. KKR said it plans to broaden the publisher's range of genres and categories, while creating an 'ownership culture' by allowing employees to participate in an equity ownership scheme. Richard Sarnoff, chairman of KKR, said: 'We see a compelling opportunity to help Simon & Schuster become an even stronger partner to literary talent by investing in the expansion of the company's capabilities and distribution networks across mediums and markets while maintaining its 99 year legacy of editorial independence.' The deal, which is subject to regulatory approval, could end Paramount's three-year search for a buyer for the book company. It previously attempted to sell Simon & Schuster to rival Penguin Random House , the world's largest book publisher, for $2.2bn in 2020. However, the merger was blocked by US regulators las){kind=link}
Previous sale to rival publisher was blocked by US regulators last year
Book publisher Simon & Schuster has been sold in a $1.6bn (£1.25bn) deal.
Private investment firm KKR agreed to buy the New York-based publishing giant from its owner Paramount Global, the companies confirmed on Monday.
Simon & Schuster, founded in 1924, has published more than 36,000 titles, including Colleen Hoover’s romance novel It Ends With Us.
The company, which employs more than 1,600 people globally, is one of United States’ so-called Big Five publishers, which includes Penguin Random House, Macmillan and HarperCollins.