ViacomCBS announced on Wednesday that it has agreed to sell the publishing business Simon & Schuster to Penguin Random House LLC, a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for US$2.175 billion.
Simon & Schuster will continue as a separate publishing unit under the Penguin Random House umbrella.
Earlier this year, ViacomCBS undertook a review of its non-core assets, which led to a competitive auction for Simon & Schuster.
Manga and light novel publisher Seven Seas Entertainment announced on November 20 that it has reached a multi-year sales and distribution agreement with Penguin Random House Publisher Services (PRHPS).