KKR completes of acquisition of Simon & Schuster from Paramount for CAD 2.159 billion

On October 30, 2023, KKR, a global investment firm, completed the acquisition of Simon & Schuster, a major U.S. trade publisher, from Paramount Global for CAD 2.159 billion (US$1.62 billion) in cash. This deal transforms Simon & Schuster into a standalone private company, uniquely positioned as the only independent major publisher in the U.S. The company will continue under the leadership of President and CEO Jonathan Karp and his executive team.

Jonathan Karp expressed excitement about this new chapter, highlighting the opportunity for growth and innovation while maintaining the company's commitment to editorial excellence and focus on authors and their books. KKR's support is expected to strengthen Simon & Schuster's position in the industry.

Ted Oberwager of KKR remarked on the union of Simon & Schuster and KKR, emphasizing the strong future prospects and the goal to build upon Simon & Schuster's reputation for delivering quality books globally. Richard Sarnoff, Chairman of Media at KKR, acknowledged Simon & Schuster's commercial success and century-long legacy, looking forward to contributing to its growth and introducing an employee ownership program.

Bob Bakish, President & CEO of Paramount Global, noted the transaction's significant value for Paramount and its alignment with their de-levering plan. He commended the nearly 50-year relationship with Simon & Schuster and wished the team success under KKR.

KKR is implementing a broad-based employee ownership program at Simon & Schuster, reinforcing their belief in the importance of employee engagement and ownership culture in building stronger companies.

Deal Type

Merger & Acquisition

Industry

Other

Transaction

$ 2,159,541,000

Deal Status

Closed

Closing Date

30 October 2023