Proposed merger of two publishing giants is officially over

By Hillel Italie, The Associated Press on November 21, 2022.

NEW YORK (AP) – Simon & Schuster’s corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher, a proposed sale a federal judge already had blocked last month.

Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward.

“Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets,” Paramount announced. “Simon & Schuster is a highly valuable business with a recent record of strong performance, however it is not video-based and therefore does not fit strategically within Paramount’s broader portfolio.”

Penguin Random House, which had planned to appeal the decision, issued a statement Monday saying it remained convinced it would have been “the best home for Simon & Schuster’s employees and authors.”

“However, we have to accept Paramount’s decision not to move forward,” the publisher’s statement reads.