News Corp. (which owns HarperCollins) and Penguin Random House are the leading bidders for Simon & Schuster, according to the New York Times, which cited “three people familiar with the process.” S&S was put up for sale in March by ViacomCBS, which characterized the publisher as “not a core asset.”
At least one bid is for more than $1.7 billion–above ViacomCBS’s minimum, which in March was estimated to be $1.2 billion. The Times wrote that “several financial firms” have dropped out of the bidding, and that final bids are due before Thanksgiving. A sale could be announced soon thereafter or “a deal may not materialize.”
