Paramount to sell Simon & Schuster to KKR for $1.62 billion

Paramount Global agreed to merchantability publication steadfast Simon & Schuster to backstage equity elephantine KKR for $1.62 billion, the media institution said Monday arsenic it reported earnings.

KKR's introduction into the publication publishing abstraction comes months aft Paramount scrapped its archetypal statement to merchantability Simon & Schuster to rival Penguin Random House — which was valued astatine $2.2 cardinal — aft a national justice rejected the merger and it raised reddish flags with the government.

The woody was announced Monday aft Paramount posted its second-quarter earnings.

Paramount reported gross of $7.62 billion, down astir 2% year-over-year, arsenic the company's TV conception was erstwhile again dragged down by little advertizing revenue.

Media companies person been grappling with a brushed advertizing market, peculiarly affecting the accepted TV business.

Advertising gross successful the TV conception fell 10%. Revenue successful the TV concern gross wide dropped 2% to $5.16 billion.

Meanwhile, Paramount said its streaming concern continued to grow. Paramount+ had astir 61 cardinal subscribers by the extremity of the quarter, and subscription gross grew much than 47% to $1.22 billion. Advertising gross for the streaming concern roseate 21%.

Paramount+ precocious combined with Showtime's streaming app, and increased its prices.

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