Finding a buyer has been a lengthy saga for the owner of the publisher, Paramount Global.
Publishing giant Simon & Schuster is to be sold to a private equity giant for $1.6bn in cash.
KKR, which counts digital books platform Overdrive among its earlier investments, said it saw an opportunity to expand the company's distribution "across mediums and markets". Simon & Schuster is the fourth largest of the US's "big five" publishing companies, which also include HarperCollins, Hachette Book Group USA, Penguin Random House and Macmillan Publishers.was blocked due to regulatory concerns late last yearA US judge ruled in favour of the US government, which had attempted to block the takeover, arguing that the tie-up would reduce pay and opportunities for writers.
But on Monday, the boss of Paramount Global, Bob Bakish, said in a statement that the money raised by Simon & Schuster's sale would give the entertainment firm greater "financial flexibility".
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