Riot Headline Introducing: Reading and Resistance—And How Literature Has Always Been Tied to American Freedom
a photo of books from the top down
News

Simon and Schuster is Being Sold to a Private Equity Firm for $1.6 Billion

The 99-year-old publishing company is being sold to private equity firm KKR for $1.62 billion. The original sale to PRH was for $2.2 billion.

Community

Contributor

Book Riot Editorial is made up of passionate readers, writers, and book lovers dedicated to delivering insightful book recommendations, literary analysis, and the latest in book culture. With expertise spanning multiple genres and a deep understanding of the publishing industry, we offer thoughtful commentary, book deals, and news that matters to readers. Whether it’s uncovering hidden gems, analyzing literary trends, or championing diverse voices, Book Riot’s editorial team is here to keep you informed and inspired.

View All posts by Community

After a Federal Court blocked Penguin Random House’s acquisition of Simon and Schuster over antitrust concerns, the 99-year-old publishing company was put back up for sale by Paramount. Now, it’s being sold to the private equity firm KKR for $1.62 billion. The original sale to PRH was for $2.2 billion.

Jon Karp, chief executive of Simon & Schuster, told the New York Times, “I think I speak on behalf of the entire management team when I say we are thrilled with the result. They plan to invest in us and make us even greater than we already are. What more could a publishing company want?”

Under KKR ownership, Simon & Schuster employees will have an ownership stake in S&S. Pete Stavros, a co-head of global private equity at KKR, says this stake gives employees the possibility of a “life-impacting amount of wealth.”

KKR has previously bought RBMedia, an audiobooks company, and sold it at a profit. It is also invested in Overdrive, an ebook and audiobook platform used by libraries.

The private equity firm has had its share of controversy, including saddling Toys R Us with debt that allegedly contributed to its bankruptcy and investing heavily in fossil fuels and pipelines. KKR has also faced accusations of maintaining unacceptable living conditions in residential facilities it owns.

You can read more about this story at the New York Times.

Find more news and stories of interest from the book world in Breaking in Books.

More breaking news here