“The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet,” Bob Bakish, president and CEO of Paramount Global, said in a statement. The book publisher will go private once the deal closes and will be led by Jonathan Karp, its current CEO and president, and Dennis Eulau, COO and CFO. Paramount posted Simon & Schuster for sale in 2020.
In October 2022, US District Court Judge Florence Pan ruled the combination of the book publishing giants would illegally reduce competition, arguing that the combination of the two book business giants would illegally reduce competition. The lawsuit said the deal would have given the combined company too much control over how much authors are paid. It also argued there would be fewer bidders for highly anticipated books, which would have been another potential blow to writers.
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