ViacomCBS Mulls Sale Of Simon & Schuster Publishing House

(RTTNews) - ViacomCBS Inc. (VIACA, VIAC) is preparing to sell its Simon & Schuster book-publishing business, Chief Executive Bob Bakish said at the Morgan Stanley conference.

The company reportedly is seeking around $1.2 billion from the planned sale, which would be used on its video-streaming efforts.

Bakish said the publishing business is not a core asset. "It is not video-based. It does not have significant connection for our broader business," he added.

The Chief Executive also said the publisher has received inquiries from buyers earlier.

Viacom acquired Simon & Schuster through its 1994 acquisition of Paramount Communications.