KKR Announces Completion of Acquisition of Simon & Schuster from Paramount
30 Outubro 2023 - 5:15PM
Business Wire
KKR, a leading global investment firm, today announced the
successful completion of the previously announced acquisition of
Simon & Schuster from Paramount Global (NASDAQ: PARA, PARAA) in
a $1.62 billion all-cash transaction. With the closing of the deal,
Simon & Schuster is now a standalone private company, and the
only independent major trade publisher in the U.S. It continues to
be led by Jonathan Karp, President and CEO, and his talented
executive team.
“This is an exciting moment for us—both a return to our roots as
a standalone company and an opportunity for all of us to forge a
new path together,” said Jonathan Karp, President and CEO of Simon
& Schuster. “With KKR’s resources and support, we intend to
become an even stronger company and a more dynamic force in our
industry, while still maintaining our well-established record of
editorial excellence and independence, and our unceasing focus on
doing the best for our authors and their books. I know that we will
build on that legacy going forward.”
“Today, Simon & Schuster and KKR are officially one family.
The company is in a strong position to capture the opportunity
ahead, and we look forward to building on Simon & Schuster’s
reputation for delivering engaging and compelling books to readers
all over the world,” said Ted Oberwager, a Partner who leads the
gaming, entertainment, media and sports verticals within KKR’s
Americas Private Equity business.
“In recent years Simon & Schuster has built an impressive
track record of commercial success to go along with its 100-year
legacy of publishing excellence. We are thrilled to work on the
next phase of Simon & Schuster’s growth with Jon and the entire
Simon & Schuster team. As part of that we are delighted
employees will now have the opportunity to participate in the
benefits of ownership in the company,” said Richard Sarnoff,
Chairman of Media at KKR.
“After a highly competitive process, this is an ideal outcome
for both Simon & Schuster and Paramount. Simon & Schuster
is positioned well for future growth, and the transaction itself
demonstrates significant value capture for Paramount and
meaningfully advances our de-levering plan. It has been an honor to
have Simon & Schuster as part of our Paramount family for
nearly 50 years, and we wish Jon and the entire team continued
success as they begin their new chapter with KKR,” said Bob Bakish,
President & CEO, Paramount Global.
KKR is supporting Simon & Schuster in implementing a
broad-based employee ownership program. This strategy is based on
the belief that employee engagement and a strong ownership culture
are key drivers in building stronger companies. Since 2011, KKR
portfolio companies have awarded billions of dollars of total
equity value to over 60,000 non-senior management employees across
more than 35 portfolio companies.
About Simon & Schuster
Simon & Schuster is a global leader in general interest
publishing, dedicated to providing the best in fiction and
nonfiction for readers of all ages, and in all printed, digital and
audio formats. Its distinguished roster of authors includes many of
the world’s most popular and widely recognized writers, and winners
of the most prestigious literary honors and awards. It is home to
numerous well-known imprints and divisions such as Simon &
Schuster, Scribner, Atria Books, Gallery Books, Adams Media, Avid
Reader Press, Simon & Schuster Children’s Publishing and Simon
& Schuster Audio and international companies in Australia,
Canada, India and the United Kingdom, and proudly brings the works
of its authors to readers in more than 200 countries and
territories. For more information about Simon & Schuster,
please visit www.simonandschuster.com.
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global
media, streaming and entertainment company that creates premium
content and experiences for audiences worldwide. Driven by iconic
consumer brands, Paramount's portfolio includes CBS, Showtime
Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central,
BET, Paramount+ and Pluto TV. Paramount holds one of the industry's
most extensive libraries of TV and film titles. In addition to
offering innovative streaming services and digital video products,
the company provides powerful capabilities in production,
distribution, and advertising solutions.
For more information about Paramount, please visit
www.paramount.com and follow @ParamountCo on social platforms.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
For additional information about Global Atlantic Financial Group,
please visit Global Atlantic Financial Group’s website at
www.globalatlantic.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231030632545/en/
For Simon & Schuster Adam Rothberg Senior Vice
President, Corporate Communications, Simon & Schuster (917)
270-1717 adam.rothberg@simonandschuster.com
For KKR Liidia Liuksila and Emily Cummings (212) 750-8300
media@kkr.com
For Paramount Media: Justin Dini, Executive Vice
President, Head of Communications (212) 846-2724
justin.dini@paramount.com
Allison McLarty, Senior Vice President, Corporate and Financial
Communications (630) 247-2332 allison.mclarty@paramount.com
Investors: Jaime Morris, Executive Vice President, Investor
Relations (646) 824-5450 jaime.morris@paramount.com
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