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Old 08-07-2023, 07:22 PM   #1
Quoth
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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.
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Old 08-07-2023, 07:53 PM   #2
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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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Old 08-08-2023, 04:24 AM   #3
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Are they Vulture Capitalists? I've never heard of them.
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Old 08-08-2023, 07:04 AM   #4
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Quote:
Originally Posted by Quoth View Post
Are they Vulture Capitalists? I've never heard of them.
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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Old 08-08-2023, 07:17 AM   #5
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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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Old 08-08-2023, 08:55 AM   #6
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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).
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Old 08-08-2023, 02:03 PM   #7
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The New York Times article mentions the debt risk:

Quote:
The ruthless side of that business was immortalized in a 1989 book, “Barbarians at the Gate,” which detailed KKR’s acquisition of Nabisco and the burden the deal’s debt left on the company.
But on balance it is fairly positive:

Quote:
Mr. Karp will stay on as chief executive after the deal closes.

Richard Sarnoff, an adviser to KKR on its media deals, is a familiar name to many in the publishing industry and his involvement is encouraging, said several publishing executives on Monday. Mr. Sarnoff has held multiple positions at Bertelsmann, the company that owns Penguin Random House, and served as chairman of the Association of American Publishers, a trade group.
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Old 08-11-2023, 10:22 AM   #8
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Quote:
Originally Posted by tubemonkey View Post
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.
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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Old 09-13-2023, 02:40 AM   #9
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Are they Vulture Capitalists? I've never heard of them.
Let's put this way. Vulture capitalists think that KRR operates beyond the pale.
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