Simon & Schuster is for sale because it is not videos.
Simon & Schuster is for sale, ViacomCBS CEO Bob Bakish said today at an investor conference for Morgan Stanley in San Francisco, while using the word “asset” far too many times and resurrecting the corpse of the “pivot to video” media strategy on its way to hell.
“We’ve made the determination that Simon & Schuster is not a core asset of the company. It is not video based; it doesn’t have significant connectivity to our broader business. At the same time, there’s no question it’s a marquee asset that’s highly valuable. I’ve had multiple, unsolicited inbound calls about that asset,” Bakish said.
Simon & Schuster CEO Carolyn Reidy wrote in an email to Simon & Schuster staff today that it has “a history of strong and long lasting relationships with our authors, and we will continue to bring important voices to readers around the world, both with our current publishing and our rich backlist of perennially favorite titles.”