Viacom Completes Sale of Non-Consumer Publishing Operations
Posted on November 30, 1998Viacom Inc. announced the completion of the sale of its educational, professional and reference publishing businesses to Pearson Plc. for $4.6 billion. Net proceeds from the transaction will be used to repay debt. Viacom is retaining its consumer publishing operations, including the Simon & Schuster name.
Viacom Inc. is one of the world's largest entertainment and publishing companies. The operations of Viacom include Blockbuster, MTV Networks, Paramount Pictures, Paramount Television, Paramount Parks, Showtime Networks, Simon & Schuster, 18 television stations, and movie screens in 12 countries. Viacom also owns approximately 80 percent of Spelling Entertainment Group, as well as a half-interest in Comedy Central, UPN and UCI. National Amusements, Inc., a closely held corporation which operates approximately 1,200 screens in the U.S., the U.K. and South America, is the parent company of Viacom.