Posted on Aug 8, 2023
Paramount sells Simon & Schuster to private investment firm
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Posted 10 mo ago
Responses: 2
PO1 William "Chip" Nagel
..."Milliot believes Simon & Schuster will fare better as a standalone company. "Paramount wasn't all that interested in staying in the publishing industry," he notes. "They hadn't really made any outside acquisitions."
In addition to Simon & Schuster, Paramount Global's portfolio includes CBS, Showtime Networks, Nickelodeon, MTV and a vast film and TV collection. As the media industry grapples with changing consumer habits, a fickle ad market and the Hollywood writers and actors strikes, the sale to KKR will help Paramount Global pay down debt.
Bob Bakish, President and CEO of Paramount Global, writes, "The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet."...
..."Milliot believes Simon & Schuster will fare better as a standalone company. "Paramount wasn't all that interested in staying in the publishing industry," he notes. "They hadn't really made any outside acquisitions."
In addition to Simon & Schuster, Paramount Global's portfolio includes CBS, Showtime Networks, Nickelodeon, MTV and a vast film and TV collection. As the media industry grapples with changing consumer habits, a fickle ad market and the Hollywood writers and actors strikes, the sale to KKR will help Paramount Global pay down debt.
Bob Bakish, President and CEO of Paramount Global, writes, "The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet."...
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