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ViacomCBS sells Simon & Schuster to Penguin Random House for $2 billion – CNBC

ViacomCBS announced Wednesday that it would sell publishing company Simon & Schuster to Penguin Random House in a deal worth $2.175 billion.

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ViacomCBS announced Wednesday that it would sell publishing company Simon & Schuster to Penguin Random House, a subsidiary of Bertelsmann, in a deal worth nearly $2.18 billion
The transaction is expected to close in 2021.
The deal comes after ViacomCBS put the global publisher up for auction, a move it made to divest non-core assets from its company. Proceeds from the deal will be put toward ViacomCBS’s streaming business, fund its dividend and pay down debt. The company also recently sold CNET…

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