Iconic book publisher, Simon & Schuster, is on auction block
In the literary world, they are known as the Big Five — the handful of companies that dominate book publishing.
It is unclear how much ViacomCBS, which has owned the publishing house for more than 25 years, might fetch from the sale. Book publishing is no longer a growth business, but its revenue has been relatively stable in recent years and a bestseller still can be quite lucrative. In December, Bertelsmann announced that it would pay $675 million for the remaining 25% stake in Penguin Random House from the British firm Pearson, which would make Bertelsmann the sole owner of the world’s largest book publishing operation. That deal is undergoing regulatory review.
When the stand-alone CBS controlled Simon & Schuster, the company created synergies by booking its authors on “60 Minutes,” which explored timely and provocative subject matter. In addition, CBS parlayed Simon & Schuster’s relationship with King to create such television shows as “Under the Dome.” But now the publishing house is part of a larger corporation that is eager to sell assets to pay down debt.
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