Magazine article Editor & Publisher

New Owner Will Keep N.Y. 'Hoy' Edition Publishing

Magazine article Editor & Publisher

New Owner Will Keep N.Y. 'Hoy' Edition Publishing

Article excerpt

Most chains fold their rival paper if it falls into their hands. ImpreMedia LLC, the big Spanish-language newspaper chain that on Monday agreed to buy Tribune Co.'s New York edition of Hoy, says will keep the Spanish-language daily publishing.

"About shutting down, it never entered our head," ImpreMedia Chairman and CEO John Paton said in a telephone interview from New York City after meeting with the Hoy staff.

ImpreMedia, which publishes New York City's oldest and largest paid Spanish-language daily, El Diario La Prensa, said combining the free-distribution Hoy with its paid daily will give it unprecedented print penetration in the market.

By adding Hoy New York, ImpreMedia increases its readership in the nation's second-largest Hispanic market to 478,393 based on Scarborough numbers. "We also double our circulation to 106,000," Paton added.

Tribune Co. is selling the New York edition to fast-growing ImpreMedia, but would continue to publish Hoy in Los Angeles and Chicago, and continue publishing its weekly Spanish-language papers in south Florida.

Terms of the sale, expected to close in the first quarter of this year, were not disclosed.

"Although Hoy New York made good progress over the last year, we did not see a path to profitability in this market," Tribune Publishing President Scott C. Smith said in a statement. "Hoy is a better operational fit for ImpreMedia, a respected Spanish-language publisher that will carry on Hoy's commitment to informing and entertaining New York's widely diverse Hispanic community."

ImpreMedia, which has grown to the nation's largest Spanish-language chain by relentless acquisitions of papers, sees the purchase of Hoy New York as a way to get into the business of free dailies.

"Like anyone who's been following the advent of free transit dailies, we see that as an exciting business," Paton said. "And the companies who do best in this marry a paid product with the free daily."

El Diario, which grew 6% in the last Audit Bureau of Circulations (ABC) reporting period -- the fastest in the nation -- has created an efficient system for distributing its paid paper and the free El Diario Contigo, Paton said. "People forget that this is El Diario's 94th year, so it's not like we're Johnny come latelys to this," he said.

ImpreMedia said, citing Scarborough research, that the combined readership of Hoy and El Diario La Prensa will allow it "to deliver nearly twice the number of Spanish-preferred adults as New York's leading Spanish-language TV station, owned by Univision, and nearly three times more than New York's leading Spanish-language radio station. …

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