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ViacomCBS Aims to Sell Simon & Schuster, CBS Building, CNET

ViacomCBS has put some assets up for sale, including publisher Simon & Schuster and CBS's Manhattan headquarters, a media report says.
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ViacomCBS is planning to sell a number of assets, including book publisher Simon & Schuster and CBS's Midtown Manhattan headquarters building known as Black Rock, a media report said. 

The move is part of ViacomCBS's plan to streamline its operations and focus on its streaming businesses, The Wall Street Journal reported.

And the moves come shortly after the death of the company's patriarch, Sumner Redstone. The media mogul died last week at age 97. 

The Journal report said that ViacomCBS is looking to sell Simon & Schuster for at least $1.2 billion. And analysts estimate it could draw $800 million or more for Black Rock, the paper reported.

Meantime, people familiar with the matter told the paper that ViacomCBS is in talks to sell the technology-news site CNET to digital media company Red Ventures for about $500 million. Red Ventures is the Fort Mill, S.C., digital-media group.

Redstone served as executive chairman of National Amusements after it purchased a controlling stake in Viacom in 1987. He was also CEO when it merged with network broadcaster CBS Corp. in 2000 through his closely held company. 

He remained executive chairman of both companies when they were split again in 2005. He then stepped down as executive chairman of the merged entity that was formed when the two reunited in February 2019.

Redstone was survived by his daughter, Shari, who is currently chairwoman of ViacomCBS. 

ViacomCBS shares at last check were marked 1.3% lower to $26.89. Year to date, the stock is down more than 30%.