In a move that some in the industry will welcome as putting at least a temporary stop to industry consolidation, the private investment firm KKR has reached an agreement with Paramount Global to acquire Simon & Schuster for $1.62 billion in an all cash transaction. Though below the $2.175 billion that Penguin Random House had previously agreed to pay for the country’s third largest trade publisher, $1.62 billion is a healthy price since most trade publishers sell for not much better than 1.5 times sales, and S&S’s 2022 revenue was $1.18 billion.
Source: KKR Wins S&S for $1.62 Billion