Paramount Sells Books Publisher Simon & Schuster

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Paramount did report a surprise jump in streaming subscribers. That was the surprise, but we all knew that it was going to sell publisher Simon Schuster. That was in a $1.6 billion deal. So Paramount made the sale to the private equity firm KKR. Months after a federal judge blocked the from being sold to Penguin Random House Simon and Schuster will continue to operate under the leadership of Ceo Jonathan Carp. Carp said we're delighted and will remain an independent company. Not only will we continue to thrive, but with the help of KKR, we can become even greater Richard star chair of media, KKR hailed Simon Schuster saying, quote, we're not going to tell them what to buy what to publish or what not to publish. And also noting that no layoffs were planned and Kkr would continue to invest in the publisher.