Simon & Schuster has been sold to the KKR firm for one million dollars 620 thousand

editorial simon and schuster was sold to a private equity firm KKRA few months ago a federal judge blocked its purchase by rival publishing house Penguin Random House, fearing it would affect competition in the publishing industry. A KKR executive classified the deal as an opportunity to work with “one of the most influential editorials”.

Will buy private equity giant Simon & Schuster for $1,620 million in cash, he said Paramount GlobalThe parent company of Historical Publishing House. Simon & Schuster will operate as an independent entity headed by a General Director. Jonathan Carp,

“We are very pleased,” says Corp L. Lunes. “We will remain an independent company and grow at the grassroots level, but with the help of KKR, we can become even bigger.”

Paramount, which reported a loss of US$424 million during the quarter prior to June 30, will use the sale proceeds to pay down debt. The settlement is subject to government approvalBut it is unlikely that it will face the objections raised against Penguin Random House’s offer.

Simon & Schuster, whose authors include Stephen KingColleen Hoover and Bob Woodward, ES Una de las lamadas “The Big Five” Las Editorials of Nueva York, in association with Penguin Random House, HarperCollins Publishers, Hachette Book Group and Macmillan. HarperCollins, owner of Rupert Murdoch’s News Corp, has expressed interest in buying Simon & Schuster.

Simon & Schuster has had good sales over the years, even when the book market cooled off. The editorial predicts some of the most anticipated releases for the end of the year, including Memories Britney Spears woman in me and biography of Elon Musk written by Walter Isaacson,

Richard Sarnoff, president of media at KKR, praised Simon & Schuster as effective and well-managed and said it would maintain editorial independence.

“We’re not going to decide what to buy, what to publish, what not to publish”, says Sarnoff, who was an executive at German conglomerate Bertelsmann, Penguin Random House’s parent company. “99 years of editorial independence is a legacy we are going to protect”.

Sarnoff says his plan is not naked and, in turn, expects KKR to invest in and expand at Simon & Schuster, citing international sales as an area of ​​potential growth. Like other KKR-owned companies, the group plans to offer shares to Simon & Schuster employees, an arrangement that could give Editorial a competitive advantage. In an industry where starting salaries fluctuate between $45,000 and $50,000, which can be unattractive to young people trying to make a living in the New York City area, a shareholding can be worth half or more of one’s annual salary. Can workers according to Sarnoff.

“La Ventaza es Grande,” says Sarnoff, who said he did not know how long KKR would run Simon & Schuster before selling it, though he cited five to seven years as a general range. “We don’t have an established schedule,” he says.