Private equity giant KKR this week announced the successful completion of the previously announced acquisition of Simon & Schuster from Paramount Global in a $1.62 billion all-cash transaction. Simon & Schuster is now a standalone private company, and the only independent major trade publisher in the U.S. President and chief executive officer Jonathan Karp and chief financial officer Dennis Eulau will continue to run the company with the existing leadership team. Simon & Schuster was the object of a takeover bid by Penguin Random House that was blocked by antitrust regulators in 2022.

"This is an exciting moment for us-both a return to our roots as a standalone company and an opportunity for all of us to forge a new path together," Karp said in a press release. "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, and our unceasing focus on doing the best for our authors and their books. I know that we will build on that legacy going forward."

The private equity firm has a portfolio of about 125 companies valued at about $520 billion.

KKR partner Ted Oberwager, head of the gaming, entertainment, media and sports team at the private equity firm, said Simon & Schuster will be able to use KKR's resources to grow as an independent company. "We look forward to building on Simon & Schuster's reputation for delivering engaging and compelling books to readers all over the world,"

The 100-year-old general interest publisher's imprints and divisions include Simon & Schuster, Scribner, Atria Books, Gallery Books, Adams Media, Avid Reader Press, Simon & Schuster Children's Publishing and Simon & Schuster Audio. It has international subsidiary companies in Australia, Canada, India and the United Kingdom.