Business

Paramount to offer Simon & Schuster to KKR for $1.62 billion

The publishing workplaces of Simon and Schuster in New York.

Amy T. Zielinski | Newscast | Universal Images Group | Getty Images

Paramount Global consented to offer book publisher Simon & Schuster to personal equity giant KKR for $1.62 billion, the media business stated Monday as it reported incomes.

KKR’s entry into the book publishing area comes months after Paramount ditched its preliminary contract to offer Simon & Schuster to competing Penguin Random House — which was valued at $2.2 billion — after a federal judge turned down the merger and it raised warnings with the federal government.

The offer was revealed Monday after Paramount published its second-quarter incomes.

Paramount reported profits of $7.62 billion, down about 2% year-over-year, as the business’s television sector was when again dragged down by lower marketing profits.

Media business have actually been coming to grips with a soft marketing market, especially impacting the conventional television service.

Advertising profits in the television sector fell 10%. Revenue in the television service profits in general dropped 2% to $5.16 billion.

Meanwhile, Paramount stated its streaming service continued to grow. Paramount+ had about 61 million customers by the end of the quarter, and membership profits grew more than 47% to $1.22 billion. Advertising profits for the streaming service increased 21%.

Paramount+ just recently integrated with Showtime’s streaming app, and increased its rates.

This is breaking news. Please inspect back for updates.

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

Related Articles

Back to top button