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Simon & Schuster sold to Penguin Random House

November 25, 2020. Summarized by summa-bot.

NEW YORK, NY - August 26, 2016: The headquarters for the Simon & Schuster book pubishing company is on Avenue of the Americas in New York City. Founded in New York in 1924, the company is a division of CBS Corporation. (Photo by Robert Alexander/Getty Images)

Two of the biggest publishing houses in the US will soon be under one roof. ViacomCBS announced Wednesday it will sell Simon & Schuster to Penguin Random House, which is a subsidiary of German media giant Bertelsmann, for $2.175 billion in cash. The deal is expected to close next year.

New York (CNN Business)Two of the biggest publishing houses in the US will soon be under one roof.

ViacomCBS (VIACA) announced Wednesday it will sell Simon & Schuster to Penguin Random House, which is a subsidiary of German media giant Bertelsmann, for $2. 175 billion in cash.

Simon & Schuster is the third biggest publishing house in the US.

Penguin Random House, the largest publishing house, just released President Barack Obama's new memoir, "A Promised Land. "

When the deal closes, Simon & Schuster will continue to run as a separate publishing unit.

In a memo to staff Wednesday, Karp wrote that Simon & Schuster has had seven owners through its 96-year history.

When we join Penguin Random House after closing, we can look forward to benefitting from exciting new relationships and opportunities that will enhance our ability to provide authors with the best possible publication they can receive," Karp wrote.

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