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The transaction is set to close next year.
ViacomCBS is in the process of cutting nonessential assets from the company.
CEO Bob Bakish revealed plans to sell the 96-year-old publishing company in March of this year.
It is not video-based; it doesnt have significant connectivity to our broader business.
The companydid the sameto CNET in September, selling it for $500 million.
The deal is likely to be scrutinized by antitrust regulators.
Simon & Schuster will continue to act independently.
In July, Simon & Schuster named itsfirst-ever Black vice-president and publisher, journalist Dana Canedy.
In 2013, Penguin and Random Housemergedinto Penguin Random House.
