ViacomCBS sets to sell off Simon and Schuster the third largest publishing house in the US to Penguin Random House for $2.175 billion in cash, this is coming after it also sole off CNET Media group earlier this year.
ViacomCBS the media giant owns CBS network, CBS All Access, Paramount Pictures, Showtime and MTV, among others have said that the sales of Simon and Schuster is part of the company’s efforts to unload non-core assets.
The company has in just this year alone published some great books such as Bob Woodward’s “Rage” and Mary Trump’s “Too Much and Never Enough.”
While the largest publishing house Penguin Random House, just released President Barack Obama’s new memoir, “A Promised Land.”
According to the statement the deals is expected to close by next year and it is expected that Simon & Schuster will continue to run as a separate publishing unit.