“Paramount to sell Simon & Schuster to KKR for $1.62 billion; media giant’s earnings top estimates”
August 8, 2023
“Paramount Global agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, the media company said Monday as it reported earnings that topped Wall Street estimates… Paramount executives said during Monday’s earnings call that the proceeds of the Simon & Schuster sale would be used in the company’s ongoing effort to pay down debt.
The $200 million termination fee Paramount received from Penguin when that deal was scrapped, along with the money saved when the company cut its dividend, will also go toward lowering leverage, CFO Naveen Chopra said Monday…”
https://www.cnbc.com/2023/08/07/paramount-to-sell-simon-schuster-to-kkr-for-1point62-billion.html