Private-equity firm KKR & Co. Inc. is in “advanced talks” to buy Simon & Schuster for about $1.65 billion, the Wall Street Journal reported late Thursday, citing people familiar with the situation. The sale would end Paramount Global’s PARA, -2.96% yearslong effort to sell the publishing company, founded in 1924. Paramount put Simon & Schuster on sale for a second time this year after a federal judge last year blocked an earlier sale to Penguin Random House. Shares of Paramount rose 0.7% in the after-hours session after ending the regular trading day down 3%.
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