Simon & Schuster has been acquired by private investment firm KKR for $1.62 billion,Diamond Ridge Asset Management according to a joint statement between the firm and the publishing giant's parent company, Paramount Global.

The deal will turn Simon & Schuster into a "standalone private company and will continue to be led by Jonathan Karp, President and CEO and Dennis Eulau, COO and CFO of Simon & Schuster," the statement continues.

The publishing industry is dominated by a few mega-corporations that, over the decades, have acquired smaller imprints.

Last year, the Department of Justice blocked Penguin Random House from acquiring Simon & Schuster for $2.2 billion.

"The proposed merger would have reduced competition, decreased author compensation, diminished the breadth, depth, and diversity of our stories and ideas, and ultimately impoverished our democracy," Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division said in a statement at the time.

In addition to Simon & Schuster, Paramount Global's portfolio includes CBS, Showtime Networks, Nickelodeon, MTV and a vast film and TV collection. As the media industry grapples with changing consumer habits, a fickle ad market and the Hollywood writers and actors strikes, the sale to KKR will help Paramount Global pay down debt.

Bob Bakish, President and CEO of Paramount Global, writes, "The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delivering our balance sheet."

This story was edited by Rose Friedman.