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Paramount Ends Deal to Sell Simon & Schuster After Ruling (4)

Nov. 22, 2022, 2:50 AM

Paramount Global is letting a deal to sell its Simon & Schuster book publishing group to Bertelsmann SE die after a judge blocked the $2.18 billion transaction.

Paramount confirmed the decision in a filing Monday, saying “Simon & Schuster remains a non-core asset” but it’s still a “highly valuable business with a recent record of strong performance.” The company could have appealed the verdict, but by failing to do so it can now seek a sale to another buyer, perhaps one less likely to raise the concerns of regulators.

Bertelsmann will pay Paramount a $200 million break-up fee as a ...