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Planned merger of Penguin Random House and Simon & Schuster publishers scrapped

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Parent company Paramount Global says it still plans to sell Simon & Schuster, a nearly century-old company boasting authors such as Stephen King, Colleen Hoover and Bob Woodward.

abc.net.au/news/simon-schuster-sale-to-penguin-random-house-scrapped/101682258Simon & Schuster's corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher in a $US2.2billion proposed sale blocked by a federal judge last month.

"Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets," Paramount said. Penguin Random House owes a $US200 million termination fee to Paramount, according to the agreement's original terms.Penguin Random House is owned by the German conglomerate Bertelsmann.

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