Bertelsmann-backed Penguin Random House, a company that prints and publishes books, failed to acquire Simon & Schuster, a company specialising in publishing and printing books and pamphlets, from ViacomCBS, an American diversified multinational mass media conglomerate, for $2.2bn. "Following the full acquisition of Penguin Random House in April this year, this purchase marks another strategic milestone in strengthening our global content businesses, which include Penguin Random House, the Fremantle TV production business, and the BMG music division. The book business has been part of Bertelsmann's identity since the founding of C. Bertelsmann Verlag more than 185 years ago and has lost none of its appeal to this day," Thomas Rabe, Bertelsmann Chairman and CEO. On August 10, 2022, HarperCollins Wants to Buy Simon & Schuster If Penguin Bid Fails. On November 21, 2022, Paramount terminated the sale of Simon & Schuster to Penguin Random House.