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ViacomCBS sells Simon & Schuster to Penguin Random House for $2 billion

The publishing offices of Simon and Schuster in New York.Amy T. Zielinski | Newscast | Universal Images Group | Getty Images

ViacomCBS announced Wednesday that it would sell publishing company Simon & Schuster to Penguin Random House in a deal worth $2.175 billion. The transaction is expected to close in 2021.

The deal comes after ViacomCBS put the global publisher up for auction, a move it made to divest non-core assets from its company. Proceeds from the deal will be put toward ViacomCBS's streaming busnines, fund its dividend and pay down debt.

The company also recently sold CNET for $500 million as part of this strategy.

This is a breaking news story. Please check back for updates.

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