Germany’s Bertelsmann to buy Simon & Schuster in $2.17B cash deal

Bertelsmann says New York-based agency Simon & Schuster will grow to be a unit inside its e book publishing division Penguin Random Home.

German media big Bertelsmann mentioned Wednesday that it’s shopping for writer Simon & Schuster from ViacomCBS for $2.17bn in money.

Bertelsmann says the New York-based agency, whose authors embody Stephen King, Hillary Clinton and John Irving, will grow to be a unit inside its book-publishing division Penguin Random Home.

“Simon & Schuster strengthens Bertelsmann’s footprint globally, and specific in america, its second-largest market,” the Guetersloh-based firm mentioned in an announcement

The transaction is topic to regulatory approval and is predicted to shut throughout 2021, it mentioned.

Bertelsmann mentioned Simon & Schuster’s present president and chief government, Jonathan Karp, will proceed to guide the publishing home.

Bertelsmann, which was based in 1835 and likewise owns a broad portfolio of broadcast, music and on-line companies, has been the only real proprietor of Penguin Random Home since April.