ViacomCBS is putting publisher Simon & Schuster up for sale

In a surprising turn of events, parent company ViacomCBS is looking to get rid of the traditional publisher Simon & Schuster, home to bestselling authors like Stephen King and Judy Blume.

This has not been a good week for the publishing industry. First, the London Book Fair, an event that typically sees more than 25,000 people from all walks of the publishing industry in attendance, was canceled due to the coronavirus outbreak. Now word comes that Simon & Schuster, one of the last “big five” publishing houses in New York City, is being put up for sale.

According to The New York Times, in a memo sent out to employees on Wednesday, ViacomCBS chief executive Robert M. Bakish stated, “We will look to complete a transaction that maximizes its value once the market stabilizes.” Apparently, after a “strategic review,” ViacomCBS decided that the book publisher was no longer vital to its business, which is leaning more toward more streaming and sports content these days.

To say the sale of Simon & Schuster would shake up the publishing industry is understatement. Following the market crash of the early 2000s, many of the remaining publishing houses merged, creating hybrids of their former selves, such as Penguin and Random House, as well as Hachette Book Group and Perseus Books. Renowned Simon & Schuster authors include Annie Proulx, Walter Isaacson, Hillary Clinton, and Ursula K. Le Guin.

In another note to employees on Wednesday, Simon & Schuster president and chief executive Carolyn Reidy, attempted to console the staff and reassured them that the company wasn’t in jeopardy. This stated:

"“Whatever the outcome, this process does not change what we know to be true of Simon & Schuster: we are a great publishing house and one of the world’s best known publishing brands, with an incredible legacy and bright future.”"

This comes at a tumultuous time in the publishing industry, with Amazon and self-publishing platforms like Bublish and 1106 Design becoming more affordable and accessible to independent authors. While independent bookstores are experiencing a bit of a bounce-back from the recession, chain stores like Barnes & Noble are facing uncertain futures with multiple store closings recently announced. This hasn’t gone unnoticed by Hollywood, as television shows set in the publishing world, like TV Land’s Younger and Freeform’s The Bold Type, have woven the real-life publishing industry dynamics into their stories.

How do you feel about Simon & Schuster being put put up for sale? Let us know in the comments section below.