ViacomCBS announced on November 25 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.
The American Booksellers Association (ABA) has asked the Department of Justice to challenge Penguin Random House’s upcoming purchase of publishing business Simon & Schuster due to antitrust implications.
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.