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ViacomCBS sells Simon & Schuster to Penguin Random House owner for $2.2 billion

ViacomCBS agreed to sell its Simon & Schuster book publishing business to German media giant Bertelsmann for $2.18 billion, part of the broadcaster’s plan to exit nonstrategic businesses. The all-cash deal is expected to close next year, Bertelsmann said in a statement Wednesday. The acquisition adds heft to Bertelsmann’s publishing portfolio and fits with plans to expand the company’s Penguin Random House unit. Meanwhile,...