A source helpfully — or hopefully? — tells the WSJ that ViacomCBS “will seek at least $1.2 billion for Simon & Schuster.” LionTree is advising ViacomCBS on the sale. While no one ever tells the press they are shopping a bargain, that would represent a very aggressive multiple. The best available yardstick for a company like this is Bertelsmann’s pending deal to acquire the remaining 25 percent of Penguin. They set an enterprise value (equity plus debt) of $3.67 billion, suggesting Bertelsmann is paying a multiple of about 6.5 times operating EBITDA. S&S just reported sales of $814 million for […]