ViacomCBS Inc. VIAC, -1.91% confirmed a deal to sell its Simon & Schuster publishing business for $2.18 billion to Bertelsmann SE & CO. BTG, +3.82% subsidiary Penguin Random House LLC. ViacomCBS’s stock rose 0.7% in premarket trading. “This divesture follows a strategic review of non-core assets ViacomCBS undertook early in 2020,” ViacomCBS said in a statement. “Proceeds from the transaction will be used to invest in ViacomCBS’s strategic growth priorities, including in streaming, as well as to fund the dividend and pay down debt.” The Wall Street Journal had reported on Tuesday that a deal to sell Simon & Schuster for more than $2 billion was close. ViacomCBS said it expects the deal to close in 2021. ViacomCBS shares have rallied 25.2% over the past three months through Tuesday, while the S&P 500 SPX, -0.27% has gained 5.6%.
View Article Origin Here
