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Bertelsmann’s Penguin division snaps up Simon & Schuster

Business

FILE -- This March 13, 2003 file photo shows an exterior view of the German media giant Bertelsmann in Guetersloh, Germany. German media giant Bertelsmann said Wednesday that it is buying publisher Simon & Schuster from ViacomCBS for $2.17 billion in cash. (AP Photo/Michael Sohn, file)
By Associated Press Undefined

BERLIN (AP) — German media giant Bertelsmann said Wednesday that it is buying publisher Simon & Schuster from ViacomCBS for $2.17 billion in cash.

Bertelsmann says the New York-based firm, whose authors include Stephen King, Hillary Clinton and John Irving, will become a unit within its book publishing division Penguin Random House.

“Simon & Schuster strengthens Bertelsmann’s footprint globally, and particular in the U.S., its second-largest market,” the Guetersloh-based company said in a statement

The transaction is subject to regulatory approval and is expected to close during 2021, it said.

Bertelsmann said Simon & Schuster’s current president and chief executive, Jonathan Karp, will continue to lead the publishing house.

Bertelsmann, which was founded in 1835 and also owns a broad portfolio of broadcast, music and online businesses, has been the sole owner of Penguin Random House since April.