Paramount Global Could Close Sale Of Simon & Schuster By Year End, CFO Says; Company “Open Minded” To Broader Media M&A
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deadline.comParamount Global is “deep into the marketing process” for publisher Simon & Schuster and can see a path to closing a deal this year, CFO Naveen Chopra said today, putting the first timeframe on a sale.
It’s a “sizable transaction” and “very competitive” with strong interest from strategic and financial buyers, he told the Gabelli Funds media conference in New York.
The company has targeted the book business as non-strategic and had initially closed a deal to sell it to Bertelsmann’s Penguin Random House for $2.2 billion.
It walked away from that after the Department of Justice sued to block the merger and a federal judge upheld the government’s position.
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