3 Firms Steer $2.2B Simon & Schuster Sale By ViacomCBS

Law360 (November 25, 2020, 9:35 AM EST) -- ViacomCBS Inc. has agreed to sell book publisher Simon & Schuster to Penguin Random House LLC for $2.175 billion, the companies said Wednesday, in a deal that is aimed at accelerating ViacomCBS' push into areas like streaming and was guided by Shearman & Sterling, Davis Polk and Arnold & Porter.

The cash deal sees ViacomCBS selling Simon & Schuster to Penguin Random House, which is owned by Germany's Bertelsmann SE & Co. KGaA, according to a statement. ViacomCBS decided to divest the business after a strategic review that was initiated earlier this year. The company intends to use proceeds from the sale...

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