Penguin to buy Simon & Schuster (sungazette.com)

German media giant Bertelsmann said Wednesday that its Penguin Random House division is buying rival Simon & Schuster in a megadeal that would reshape the U.S. publishing industry.

Penguin Random House, already the largest American publisher, will buy the New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS for $2.17 billion in cash.

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

The purchase of Simon & Schuster would reduce the so-called Big Five of American publishing — which also includes HarperCollins, Hachette Book Group and Macmillan — to four.
more at source: https://www.sungazette.com/news/business/2020/11/penguin-to-buy-simon-schuster/

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