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.
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