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Big Law

Publisher Simon & Schuster Receives Buyout Bid

Book publisher Simon & Schuster has received a buyout bid from investor Richard Hurowitz, with backing from Abu Dhabi sovereign investor Mubadala Investment Company, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Reuters had in February reported that Paramount Global, the owner of Simon & Schuster, was making a fresh attempt to sell the publisher months after the collapse of a planned $2.2 billion sale to Penguin Random House.

The U.S. Justice Department had last year sued to stop the Penguin deal as a combination of the two heavyweights would translate to control over nearly half the market for publishing rights to blockbuster authors such as Stephen King and Danielle Steel.

Read the source article at reuters.com

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