German media giant Bertelsmann says it is buying US publisher Simon & Schuster from ViacomCBS for $US2.17 billion ($A2.95 billion) in cash.
Bertelsmann says the New York-based firm - whose authors include Stephen King, Hillary Clinton and John Irving - will become a unit within its book publishing division Penguin Random House.
"Simon & Schuster strengthens Bertelsmann's footprint globally, and particular in the US, its second-largest market," the Guetersloh-based company said in a statement
The transaction is subject to regulatory approval and is expected to close during 2021, it said.
Bertelsmann said Simon & Schuster's current president and chief executive, Jonathan Karp, will continue to lead the publishing house.
Bertelsmann, which was founded in 1835 and also owns a broad portfolio of broadcast, music and online businesses, has been the sole owner of Penguin Random House since April.
Australian Associated Press