News Corp, a media and publishing company, has bid on Simon & Schuster, a subsidiary of ViacomCBS which was put up for sale in the Spring. Offers for Simon and Schuster have reportedly exceeded $1.7 billion, which is far in excess of the minimum set by ViacomCBS.
News Corp already owns HarperCollins, which gives it a slight edge due to their experience in the book-publishing industry. That could prove important; the internet and Amazon have acted as disruptive forces in the publishing and media industries making it increasingly difficult to succeed. The institutional knowledge News Corp brings with it could prove valuable as it looks to continue consolidation in the industry.
Penguin and Random House merged, Hachette Book Group acquired Perseus Books, and News Corp bought the romance publisher Harlequin. Simon and Schuster looks like it’s next.