KKR Buys Paramount’s Simon & Schuster in $1.62 Billion Deal (1)

KKR & Co. signed a deal to buy Simon & Schuster, the book publishing arm of Paramount Global, for $1.62 billion in cash.

After the close of the acquisition, the company will be operated as a standalone business with Chief Executive Officer Jonathan Karp continuing in that role, Paramount said on Monday.

Paramount, the media company controlled by the Redstone family, plans to use the proceeds from the transaction to reduce debt as it navigates a transition from traditional TV networks like CBS and MTV to online ones, like its Paramount+ streaming service.

Other bidders for Simon & ...