Shearman & Sterling is advising ViacomCBS (NASDAQ: VIAC, VIACA) on its definitive agreement to sell its publishing business Simon & Schuster to Penguin Random House, a wholly owned subsidiary of Bertelsmann SE. The transaction is valued at $2.175 billion in cash.
This divesture follows a strategic review of non-core assets ViacomCBS undertook early in 2020. The transaction is expected to close in 2021, subject to customary closing conditions, including regulatory approvals.
The Shearman & Sterling team below also included associate Joon Lee.