Shearman & Sterling Advised Paramount Global in $1.62 Billion Simon & Schuster Sale to KKR
In a notable development in the media and publishing sector, Paramount Global has accomplished the successful completion of the sale of Simon & Schuster to the global investment firm KKR. The transaction, conducted entirely in cash, amounts to an impressive $1.62 billion.
Playing a crucial role in facilitating this intricate transaction was Shearman & Sterling, a multinational law firm with its headquarters situated in New York City.
Announced on August 7, 2023, the agreement signifies a strategic pivot for both entities and has sparked considerable attention across the industry.
Renowned globally for its outstanding contributions in fiction and nonfiction across diverse formats, Simon & Schuster is now poised to initiate a fresh chapter as an independent private entity after the conclusion of this transaction. Guided by President and CEO Jonathan Karp, and supported by COO and CFO Dennis Eulau, the leadership ensemble is well-prepared to steer the company towards sustained expansion and ground-breaking creativity.
Prominent figures within the legal advisory firm Shearman & Sterling, notably Daniel Litowitz, Lara Aryani, and Jessica K. Delbaum assumed instrumental roles in orchestrating this complex transaction. Their involvement serves to underscore the unwavering dedication and proficiency of the legal community in successfully executing such notable and high-profile deals.