Paramount Global has agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, according to the media company’s earnings report. This move comes after Paramount’s previous deal with Penguin Random House fell through due to a federal judge’s rejection and concerns from the government. The sale of Simon & Schuster will help Paramount pay down debt, along with the $200 million termination fee from the scrapped deal and dividend cuts. Paramount is also considering offloading a majority stake in BET Media Group. Despite a 2% decline in revenue, Paramount’s streaming segment, including Paramount+, showed growth with 61 million subscribers and a 47% increase in subscription revenue. The company plans to raise prices and introduce ad-supported tiers internationally to further boost profitability. However, revenue for Paramount’s film business declined by 39% due to the absence of major releases like “Top Gun: Maverick” in 2022.
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