Paramount recommits to selling S&S

In the US, Simon & Schuster (S&S) parent company Paramount CEO Bob Bakish said the company still plans to sell the publisher, reports Publishers Weekly.

Speaking at a UBS media conference, Bakish said S&S is ‘not a core asset, because it is not a video asset’. ‘Our company is a video company,’ Bakish said. ‘We are going to do something in the marketplace with it as we move forward.’

Bakish also confirmed Paramount has a collected a US$200 million (A$295m) breakup fee from Penguin Random House since the deal didn’t go through. Bakish added that the publisher’s financial performance is ‘materially higher than when we auctioned it’ after a record year of sales.

Category: International news