Simon & Schuster purchased by private equity firm KKR for $1.62 billion
Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market. An executive for KKR is calling the deal a chance to work with “one of the most effective” book publishers.
The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied publishing house. Simon & Schuster will operate as a standalone entity, under the leadership of CEO Jonathan Karp.
“We are delighted,” Karp said Monday. “We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even greater.