Two of the biggest publishers will be merging under one roof.
ViacomCBS agreed to sell Simon & Schuster to Penguin Random House, a subsidiary of German media giant Bertelsmann, for $2.175 billion in cash, the network announced Wednesday. The deal, which was first reported by the New York Times, is not expected to close until next year, and it will be subject to regulatory approval.
There are clauses in the agreement that will protect ViacomCBS if the sale is squashed by authorities through antitrust concerns.
Jonathan Karp, the president and CEO of Simon & Schuster, addressed the