Proposed merger of two publishing giants is over

NEW YORK — Simon & Schuster’s corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher, a proposed sale a federal judge already had blocked, last month.

Paramount Global also announced, Monday, that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward.

“Simon & Schuster remains a non-core asset to Paramount, as was determined, in early 2020, when Paramount conducted a strategic review of its assets,” Paramount announced. “Simon & Schuster is a highly valuable business with a recent record of strong performance; however, it is not video-based and therefore does not fit strategically within Paramount’s broader portfolio.”