“We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with KKR,” says Bob Bakish, president, chief executive officer,
. “The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet.”
After the closing of the transaction,
will become a standalone private company and continue to be led by Jonathan Karp, president and chief executive officer, and Dennis Eulau, chief operating officer and chief financial officer, Simon & Schuster.
“All of the executives at Simon & Schuster who met with KKR came away from those conversations impressed with the depth
In addition to investing in all areas necessary to establish Simon & Schuster as a standalone entity, KKR intends to support numerous growth initiatives, including extending Simon & Schuster’s domestic publishing program across various genres and categories, expanding its distribution relationships and accelerating growth in international markets.
“Simon & Schuster’s nearly 100-year history is a testament to the enduring value of creative expression through the written and spoken word,” says Ted Oberwager, a partner who leads the gaming, entertainment, media and sports verticals within KKR’s Americas Private Equity business. “We are thrilled to invest behind Jon and the immensely talented organization at Simon & Schuster to support their mission of delivering marquee content to readers around the world.”
The investment builds on KKR’s deep experience investing in content-oriented media businesses, including current and prior investments in
, Mediawan, Leonine Studios, Artlist, Skydance Media, BMG and RBmedia.
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