Bertelsmann’s Penguins Division Snaps Simon & Schuster

Berlin (AP)-German media giant Bertelsmann announced on Wednesday that it will acquire publisher Simon & Schuster from ViacomCBS for $ 2.17 billion in cash.

Bertelsmann states that New York-based companies, whose authors include Stephen King, Hillary Clinton, and John Irving, will be units within the book’s publishing division, Penguin Random House.

“Simon & Schuster is strengthening Bertelsmann’s footsteps globally, especially in the second largest market in the United States,” the Gütersloh-based company said in a statement.

The transaction requires regulatory approval and is expected to be completed by the end of 2021.

Bertelsmann said Simon & Schuster’s current president and CEO, Jonathan Carp, will continue to lead the publisher.

Founded in 1835 and owning a broad portfolio of broadcast, music and online businesses, Bertelsmann has been the only owner of Penguin Random House since April.