[ PW Home ] [ Bestsellers ] [ Subscribe ] [ Search ]

Publishers Weekly News

S&S's New Owner: Sh Drops Soon
Jim Milliot -- 5/18/98
Final bids in the contest to acquire Simon &Schuster were due last Wednesday, May 13, and the winner is expected to be named sometime this week. As the deadline drew near, the five potential buyers had been whittled down to three. Harcourt General, which last week agreed to acquire Mosby, dropped out, and the leveraged buyout firm Hicks Muse Tate &Furst hooked up with Pearson to present a joint bid. Prior to its deal with Pearson, Hicks Muse had been considered the least likely candidate to acquire S&S. The two other bidders were Michael Milken's Knowledge Universe and Kohlberg Kravis Roberts.
One issue that has been discussed throughout S&S is where the company's long-established name will end up. The S&S brand is most closely tied to the consumer group, but industry members have speculated that the acquiring company, particularly if it is one of the investment firms that don't have a publishing identity, would be willing to pay a premium for the S&S moniker. The consumer group would then need to come up with a new name.

While S&S was briefly called Paramount Publishing, few industry members believe that Viacom Publishing is in the cards. One suggestion that has been making the rounds is that one of S&S's better-known divisions or imprints (Scribner, say) might be promoted to top billing.
Back To News
Search | Bestsellers | News | Features | Children's Books | Bookselling
Interview | Industry Update | International | Classifieds | Authors On the Highway
About PW | Subscribe
Copyright 2000. Publishers Weekly. All rights reserved.