Tribune to Sell New York 'Hoy' to ImpreMedia
CHICAGO (AdAge.com) -- Tribune Co. is selling the New York edition of its Spanish-language newspaper, Hoy, to ImpreMedia, its biggest competitor.
With editions in the three largest markets, Tribune had hoped to make a Hoy something like a national, Spanish-language USA Today that would appeal to national advertisers. But, at least in New York, that model apparently failed.
Path to profitability
"We did not see a path to profitability in this market," said Tribune Publishing President Scott Smith in a statement yesterday.
Hoy has a free New York circulation of about 56,000.
Tribune said its Los Angeles and Chicago Hoy versions will become more closely aligned with the local general-market papers Tribune owns in those markets, the Chicago Tribune and Los Angeles Times.
Last May, the Securities and Exchange Commission concluded an investigation begun in 2004 that looked into circulation fraud at Hoy and another New York-area daily, Newsday.
ImpreMedia, whose El Diario La Prensa has grown circulation to about 50,000 despite competing against the free Hoy -- said it will continue to operate Hoy as a free commuter-targeted alternative to its existing flagship. The combination will have a readership of nearly 480,000 in New York, the nation's No. 2 Hispanic market.
No local cooperation
The two papers will not cooperate locally, and will only cross-sell advertising at a national level as part of a group that includes ImpreMedia's 31 papers in 23 markets.
ImpreMedia CEO John Paton said the company would overhaul Hoy's editorial in order to make it more local in nature.
"Without getting too much into it, we're going to use all of our resources to make Hoy a much better New York product."
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Nat Ives contributed to this report.