Germany’s Bertelsmann to purchase Simon & Schuster in $2.17B money deal

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Bertelsmann says New York-based agency Simon & Schuster will turn into a unit inside its ebook publishing division Penguin Random Home.

German media large Bertelsmann mentioned Wednesday that it’s shopping for writer Simon & Schuster from ViacomCBS for $2.17bn in money.

Bertelsmann says the New York-based agency, whose authors embody Stephen King, Hillary Clinton and John Irving, will turn into a unit inside its book-publishing division Penguin Random Home.

“Simon & Schuster strengthens Bertelsmann’s footprint globally, and specific in america, its second-largest market,” the Guetersloh-based firm mentioned in a press release

The transaction is topic to regulatory approval and is anticipated to shut throughout 2021, it mentioned.

Bertelsmann mentioned Simon & Schuster’s present president and chief government, Jonathan Karp, will proceed to steer the publishing home.

Bertelsmann, which was based in 1835 and in addition owns a broad portfolio of broadcast, music and on-line companies, has been the only real proprietor of Penguin Random Home since April.