CBS would sell Simon & Schuster at the right price, CFO says; McGraw Hill could be interested, source says

CBS would sell its consumer publishing division if it was offered the right price, CFO Fred Reynolds said in a one-on-one interview with this news service. CBS is not actively looking to sell that division, Reynolds added.
In a Q&A session at the Credit Suisse media and telecom conference, Reynolds was asked if he would sell Simon & Shuster at USD 1.5bn. Reynolds responded that that would be a very good offer. "If somebody values one of our businesses more than we do, we will take a look at their offer," Reynolds said.
A source familiar with the strategy of CBS said that he believed CBS was not shopping its Simon & Shuster division, but had no reason to keep it. The source said Simon & Shuster is estimated to have just under USD 100m in cash flow. An offer of 10x EBITDA for that division is very feasible based on other deals in that industry, the source said.
McGraw-Hill, the New York based publishing company could be interested in acquiring Simon & Shuster, the source said.