NEW YORK Ending several weeks of speculation, ImpreMedia said today it has agreed to acquire Tribune Co.'s Spanish-language New York newspaper, Hoy, and its related weekend publication Fin de Semana. Financial terms were not disclosed.
ImpreMedia already owns the leading Hispanic publication in New York, El Diario La Prensa.
With the purchase, Impremedia-owned papers in New York would reach 478,393 readers a day, said John Paton, chairman and CEO of ImpreMedia. Combined circulation would be around 107,000.
"The best thing to ensure the future of Hoy New York is in the hands of ImpreMedia," Paton said. A full due diligence process has been in the works for some time, and both parties expect to close the deal by the end of first quarter.
After the circulation issues at New York's Newsday and Hoy in 2004, the Tribune Co. has done an "absolute terrific job" at fixing that situation, clearing up circ problems and making deals with aggrieved advertisers, Paton said. "We saw this as an opportunity to help put that past behind and go forward."
While El Diario La Prensa costs 50 cents at newsstand, Hoy will continue to operate as a free daily. The pending acquisition does not include the two other Hoy papers in Los Angeles and Chicago.
In a statement, Tribune president Scott Smith said, "Although Hoy New York made good progress over the last year, we did not see a path to profitability in this market."