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Paramount scraps proposed sale of Simon & Schuster to Penguin Random House
Entertainment

Paramount scraps proposed sale of Simon & Schuster to Penguin Random House

Simon & Schuster's corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher for $2.2 billion, a proposed sale a federal judge already had blocked last month. Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward. Simon & Schuster has had a strong 2022 so far, thanks in part to bestsellers by Hoover and King, who had opposed the merger and even testified on behalf of the government during last summer's antitrust trial. Simon & Schuster is a division of CBS News' parent company, Paramount Global."Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Pa...