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Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market NEW YORK -- Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market. An executive for KKR is calling the deal a chance to work with “one of the most effective” book publishers. The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied publishing house. Simon & Schuster will operate as a standalone entity, under the leadership of CEO Jonathan Karp. “We are delighted,” Karp said Monday. "We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even great...

Elon Musk has returned to federal court in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet SAN FRANCISCO -- Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed. The 51-year-old billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share. But the deal never came close to happening, and the tweet resulted in a $40 million settlement with securities regulators. The trial hinges on the question of whether a pair of tweets that Musk posted on Aug. 7, 2018, damaged Tesla shareholders during a 10-day period leading up to Musk's...