Cynthia Littleton Business EditorGerman media giant Bertelsmann has set a deal with ViacomCBS to acquire publishing unit Simon & Schuster for $2.17 billion in cash.Bertelsmann, owner of publishing giant Penguin Random House, was seen as a logical contender for Simon & Schuster.
ViacomCBS announced its intent to sell the publishing arm earlier this year as part of the company’s post-merger streamlining to focus on content investment.Simon & Schuster will operate as a separate unit under the Penguin Random House umbrella.
Jonathan Karp, president-CEO of Simon & Schuster, and Dennis Eulau, chief operating officer and chief financial officer, will continue to lead the division.
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