Paramount Sells Simon & Schuster to KKR for $1.62 Billion After Blocked Penguin Random House Deal

Paramount Global reached a deal to sell Simon & Schuster to private equity firm KKR for $1.62 billion in cash.
The sale comes after a federal judge blocked Simon & Schuster's acquisition by Penguin Random House over antitrust concerns.
Simon & Schuster will operate as an independent company under its current leadership post-sale.
Proceeds from the transaction will allow Paramount Global to pay down debt.
KKR plans to invest in Simon & Schuster's growth, especially expanding international sales and operations.