08-07-2023, 07:22 PM | #1 |
the rook, bossing Never.
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Simon & Schuster sold to private equity firm KKR for $1.62bn
See https://www.theguardian.com/books/20...quity-firm-kkr
... months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink in the book market. |
08-07-2023, 07:53 PM | #2 |
Evangelist
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Now let's see how long it takes KKR to suck out all the money and replace it with debt. Remember Toys R Us?
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08-08-2023, 04:24 AM | #3 |
the rook, bossing Never.
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Are they Vulture Capitalists? I've never heard of them.
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08-08-2023, 07:04 AM | #4 |
Professor of Law
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Yes. They have been doing leveraged buyouts since the 1980s, some of which ended in spectacular failure and some of which worked out well. They are the current owners of the Nabisco food brand in the US, which was one of their biggest buyouts.
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08-08-2023, 07:17 AM | #5 |
monkey on the fringe
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This isn't KKR's first venture into the book industry. They purchased RBMedia and its imprints (Christian Audio, GraphicAudio, HighBridge Audio, Recorded Books, Tantor Media) in 2018 and OverDrive in 2020.
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08-08-2023, 08:55 AM | #6 |
the rook, bossing Never.
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So a food brand not part of Nestle, Unilever or Mondo-thing (Heinz-Kraft-Cadbury etc)!
I remember Overdrive used to belong to Japanese Rakuten (Viber and Kobo owners). |
08-08-2023, 02:03 PM | #7 | ||
Grand Sorcerer
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The New York Times article mentions the debt risk:
Quote:
Quote:
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08-11-2023, 10:22 AM | #8 |
Wizard
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Oh wow, so definitely not a stranger to the book community. I am not surprised as I knew S&S would still be seeking a buyer ASAP after the Penguin deal
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09-13-2023, 02:40 AM | #9 |
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