Paramount Global tries to sell Simon & Schuster again, Reuters reports 

News agency Reuters is reporting that media company Paramount Global is again seeking to sell Simon & Schuster.

The move comes months after Paramount Global’s $2.2bn deal to sell Simon & Schuster to Penguin Random House collapsed following a judgment from the US Department of Justice.

Paramount is believed to be working with a financial adviser to explore a sale that could, according to sources who spoke to the news agency, value it between $2bn and $2.5bn, though the sources cautioned the process was “at an early stage and a deal was not certain".

Private equity firms are now being courted as potential buyers, sources told Reuters. Analysts previously suggested that a non-trade buyer was now the more likely option, as they are less likely to raise the same concerns around competition that caused the initial deal to fall through.

Reuters’ sources added that it was unclear whether publishing rivals such as Hachette or HarperCollins — both of which previously expressed interest in buying Simon & Schuster —  would “defy potential regulatory hurdles and make a bid”.

A Paramount spokesperson declined to comment when approached by Reuters and referred to the company’s statement in November, when the deal with Penguin fell apart. In that statement it said Simon & Schuster remained “a non-core asset” that “does not fit strategically within Paramount’s broader portfolio”. HarperCollins likewise declined to comment to Reuters and Hachette did not respond to requests for comment.