German media giant Bertelsmann says it is buying US publisher Simon & Schuster from ViacomCBS for $US2.17 billion ($A2.95 billion) in cash. Bertelsmann says the New York-based firm - whose authors include Stephen King, Hillary Clinton and John Irving - will become a unit within its book publishing division Penguin Random House. "Simon & Schuster strengthens Bertelsmann's footprint globally, and particular in the US, its second-largest market," the Guetersloh-based company said in a statement The transaction is subject to regulatory approval and is expected to close during 2021, it said. Bertelsmann said Simon & Schuster's current president and chief executive, Jonathan Karp, will continue to lead the publishing house. Bertelsmann, which was founded in 1835 and also owns a broad portfolio of broadcast, music and online businesses, has been the sole owner of Penguin Random House since April. Australian Associated Press
Bertelsmann has announced it is buying US publisher Simon & Schuster.
German media giant Bertelsmann says it is buying US publisher Simon & Schuster from ViacomCBS for $US2.17 billion ($A2.95 billion) in cash.
Bertelsmann says the New York-based firm - whose authors include Stephen King, Hillary Clinton and John Irving - will become a unit within its book publishing division Penguin Random House.
"Simon & Schuster strengthens Bertelsmann's footprint globally, and particular in the US, its second-largest market," the Guetersloh-based company said in a statement
The transaction is subject to regulatory approval and is expected to close during 2021, it said.
Bertelsmann said Simon & Schuster's current president and chief executive, Jonathan Karp, will continue to lead the publishing house.
Bertelsmann, which was founded in 1835 and also owns a broad portfolio of broadcast, music and online businesses, has been the sole owner of Penguin Random House since April.
Australian Associated Press
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