German media giant Bertelsmann’s purchase of Simon & Schuster would reduce the so-called Big Five of American publishing to four. The deal, expected to close in 2021, requires approval from the US Justice Department. No U.S. publisher in modern times would approach the power of the new company.
ViacomCBS will look to offload its Simon & Schuster publishing unit, Bob Bakish said Wednesday during an investor conference. The ViacomCBS CEO added that the publishing unit “is not a core asset. It is not video-based. It does not have significant connection for our broader business.”