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Elizabeth Blair

Paramount sells Simon & Schuster to private investment firm

Paramount Paramount Global Simon & Schuster KKR Department of Justice Penguin Random House
A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. (Jenny Kane/AP)

Simon & Schuster has been acquired by private investment firm KKR for $1.62 billion, according to a joint statement between the firm and the publishing giant's parent company, Paramount Global.

The deal will turn Simon & Schuster into a "standalone private company and will continue to be led by Jonathan Karp, President and CEO and Dennis Eulau, COO and CFO of Simon & Schuster," the statement continues.

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