ViacomCBS Inc. [NASDAQ: VIAC] declared that it entered into an agreement with Penguin Random House LCC to sell Simon and Schuster. It will be sold for $2.175 Billion in cash. It is one of the world’s best-known publication businesses with more than thirty divisions under it. The company is dedicated to offering the finest works of fiction and non-fiction for book lovers of all ages.
The transaction from this deal will be used as an investment in strategic prioritize, shares, and to pay Viacom CBS down debt. A highly competitive sale resulted in this business deal bringing purchasers from around the globe. The deal will complete in 2021 and after that Simon and Schuster will still operate as an independent division but under the Penguin Random House Umbrella. The CEO Jonathan Karp and CFO Dennis Eulau of Simon and Schuster will still work at the publication brand.