Simon & Schuster has been offered for $1.62bn (£1.27bn) to a personal fairness agency - simply months after a takeover bid by rival Penguin Random House was blocked.

New proprietor KKR mentioned the corporate, one of many so-called "big five" English language e-book publishers worldwide, would proceed to function as a standalone entity and vowed that its independence can be protected.

The deal have to be accredited by regulators, however commentators consider it's unlikely there might be any objections.

Simon & Schuster's writers embody horror creator Stephen King and journalist Bob Woodward. It can be getting ready for the high-profile releases of Britney Spears' memoir The Woman In Me and Walter Isaacson's biography of Elon Musk later this yr.

It comes after Penguin Random House, which is owned by German media big Bertelsmann, introduced in November 2020 that it deliberate to purchase Simon & Schuster for £1.9bn.

However US federal judge Florence Pan blocked the deal in October 2022 on the grounds much less competitors for big-selling books would damage the authors' earnings. It got here after the US Department of Justice filed a lawsuit in 2021 in an try to halt the takeover.

There had additionally been criticism over the deal from many within the publishing world - together with from Simon & Schuster's personal creator Mr King, who testified that consolidating the business can be unhealthy for competitors.

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Despite the courtroom loss, Simon & Schuster's mum or dad firm, leisure big Paramount, continued to search for a purchaser. It is predicted to spend the proceeds of the sale on paying off debt.

The firm on Monday reported losses of $424m (£332m) for the three months main as much as June 30.

Simon & Schuster CEO Jonathan Karp, who will proceed in his function beneath the brand new house owners, mentioned he was "delighted".

"We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even greater," he added.

Richard Sarnoff, chair of media at KKR, mentioned: "We're not going to tell them what to buy, what to publish or what not to publish.

"There's a 99-year legacy of editorial independence that we will shield."

Simon & Schuster, which can rejoice its centenary subsequent yr, has reported robust gross sales prior to now two years.

KKR mentioned there have been no plans for any job losses - and as an alternative hoped to develop the writer's attain internationally.

Mr Sarnoff added that KKR may run Simon & Schuster for round 5 to seven years earlier than promoting it on, however mentioned no agency timeline had been determined but.