KKR is acquiring book publishing giant Simon & Schuster for $1.62bn

• After the closing of the transaction, Simon & Schuster will become a standalone private company and continue to be led by Jonathan Karp, president and CEO and Dennis Eulau, COO and CFO of Simon & Schuster
• Paramount Global is a global media, streaming and entertainment company whose portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon and MTV
• Simpson Thacher & Bartlett LLP is serving as legal advisor to KKR on the deal

KKR has agreed to acquire New York-based book publishing giant Simon & Schuster for $1.62 billion. The seller is Paramount Global.

After the closing of the transaction, Simon & Schuster will become a standalone private company and will continue to be led by Jonathan Karp, president and CEO and Dennis Eulau, chief operating officer and chief financial officer of Simon & Schuster.

On the deal, Richard Sarnoff, chairman of media at KKR, said in a statement, “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. We also believe the opportunity to create an ownership culture within one of the world’s top publishers has enormous potential to create value for all of Simon & Schuster’s stakeholders.”

LionTree Advisors is acting as financial advisor to Paramount and Shearman & Sterling LLP is acting as legal advisor. Simpson Thacher & Bartlett LLP is serving as legal advisor to KKR.

Paramount Global is a global media, streaming and entertainment company whose portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central BET, Paramount+ and Pluto TV.

Headquartered in New York City, KKR was founded in 1976.