Simon & Schuster Inc

Paramount Agrees to Sell Simon & Schuster to KKR, a Private Equity Firm

The deal, for $1.62 billion, will put control of a cultural touchstone in the hands of a financial buyer.

The deal with KKR, a private equity firm, is said to be valued at roughly $1.62 billion, and could be announced as soon as Monday.

The move to acquire the publisher, one of the five largest in the country, comes after the government blocked a deal last year on antitrust concerns.

At Simon & Schuster, Alfred A. Knopf and The New Yorker, he polished the work of a who’s who of mid-to-late 20th century writers.

Ms. Davis, who took charge of the food magazine at a time of turmoil, will head the publishing imprint she founded.