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Posted in: Comics | Tagged: KKR, Penguin Random House
KKR Buys Simon & Schuster, Gives Employees Shared Ownership
Simon & Schuster has officially confirmed the completion of the sale to the global investment firm KKR for a discounted $1.62 billion.
Article Summary
- Simon & Schuster confirms sale completion to KKR for $1.62 billion.
- Employees will get shared ownership, a first for a publisher of such size.
- KKR's investment not enough to alarm US government about publishing monopoly.
- Penguin Random House remains the largest book publisher in the US.
Three years ago, Bleeding Cool reported that Penguin Random House had bought fellow book publisher Simon & Schuster from ViacomCBS for $2.175 billion. The exclusive distributor of Marvel Comics, Dark Horse, and IDW buying up the exclusive distributor of Boom Studios, Oni Press and Rebellion to US bookstores. And they would have gotten away with it too, if it wasn't for those pesky folk at the US Federal District Court for Washington, DC who blocked the sale under Monopoly law.
Now Simon & Schuster has officially confirmed the completion of the sale of S&S to the global investment firm KKR for a discounted $1.62 billion. Their CEO Jonathan Karp wrote to employees "I believe our relationship with KKR will enable us to become an even greater version of what we already are: a company that strives for–and succeeds at–attracting and keeping a roster of the most talented authors, with a workforce of dedicated and highly motivated professionals; a pre-eminent publisher, for all kinds of readers, in all formats; a company that takes risks, seizes opportunities and cherishes innovation in its publishing and business practices. With KKR's resources and support, we intend to become an even stronger company and a more dynamic force in our industry, while still maintaining our well-established record of editorial excellence and independence. Our new parent company will enable Simon & Schuster to be the first American publisher of our size in which employees share ownership. Although many of us already feel ownership of our work, by sharing in the ownership of the company itself, we will be a magnet for the best publishing talent and have more of a voice in charting our collective future. We will share information about our progress and our challenges more regularly."
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company, the founders of whom were credited with inventing leveraged buyouts in the 1960s and 1970s. And they already own 1-800-Contacts, Gibson Guitars, US Foods, Safeway, Envision Healthcare, AppLovin… but nothing in the publishing field enough to cause the US government worry.
KKR partner Ted Oberwager says "The company is in a strong position to capture the opportunity ahead, and we look forward to building on Simon & Schuster's reputation for delivering engaging and compelling books to readers all over the world."
And plenty of graphic novels too… Penguin Random House will just have to settle for being the biggest book publisher in the USA.
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