Davis Polk is advising Bertelsmann on the $2.175 billion acquisition by its global trade book publishing group, Penguin Random House, of Simon & Schuster from ViacomCBS. The transaction is subject to regulatory approvals and is expected to close during 2021.

Bertelsmann is a media, services and education company that operates in about 50 countries around the world. Penguin Random House, the world’s largest trade book publisher, is dedicated to its mission of nourishing a universal passion for reading by connecting authors and their writing with readers everywhere. Simon & Schuster, a ViacomCBS Company, is a global leader in general interest publishing, dedicated to providing the best in fiction and nonfiction for readers of all ages, and in all printed, digital and audio formats.

The Davis Polk corporate team includes partner Michael Davis and associates Shanu Bajaj and Cameron Adamson. Partner Kyoko Takahashi Lin and associate Charlotte R. Fabiani are providing executive compensation advice. Partner Michael Mollerus and counsel Ethan R. Goldman are providing tax advice. Partner Frank J. Azzopardi and counsel Daniel F. Forester and Bonnie Chen are providing intellectual property advice. All members of the Davis Polk team are based in the New York office.

Arnold & Porter acted as regulatory counsel to Bertelsmann on the transaction.

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