Market movers: Stocks seeing action on Tuesday - and why

) dipped after it said it would sell Simon & Schuster to private-equity firm KKR & Co for US$1.62-billion in cash, ending a year-long attempt to sell the marquee book publisher.

“Simon Schuster is a fantastic asset, but ... it’s not core,” CEO Bob Bakish said on a post-earnings call. The move comes at a time when the company is striving to bolster its streaming service, Paramount+, in a fiercely competitive industry dominated by Netflix and Disney+. Finance chief Naveen Chopra promised “significant earnings improvement” in the streaming business next year and projected a 20-per-cent rise in average revenue per user on Paramount+ in 2024.) was lower on news finance chief Zachary Kirkhorn has stepped down, surprising analysts who considered the company veteran of 13 years as a possible successor to CEO Elon Musk.

Mr. Kirkhorn was seen as an effective and soft-spoken balance to the more volatile Musk and was one of the most visible executives who often spoke on calls with analysts and made presentations on strategy and products.

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