Impremedia, the owner of the largest Spanish daily newspaper in the United States, has pitched to a private equity-backed start-up aimed at taking advantage of the growing demand for multicultural viewers.
Impressmedia, which operates publications founded in the early 20th century, such as El Diario in New York and La Opinión in Los Angeles, was acquired by My Code, an advertising network in Santa Monica, California, and is a marketer seeking Hispanic, Black, and Asia. Is targeted at. Consumers from the United States and Pacific Islanders, executives from both companies, said.
Impremedia and MyCode have refused to offer the price of the transaction. Those familiar with the sale said My Code paid more than $ 10 million.
This deal presents another chapter in the turbulent history of the American Spanish newspaper. Many have been shut down in recent decades as print revenues are declining and digital start-ups are leveraging advertiser demand for Hispanic viewers.
Once upon a time, many major cities in the United States had daily newspapers aimed at Spanish-speaking readers, and long-time media analyst and chief executive officer of Lookout Local, a media startup in Santa Cruz, California. Said Ken Doctor. We have launched a Spanish version to reach new audiences and increase advertising revenue, including the former owner of the Chicago Tribune.
But the integration and cost savings that won the ranks of the English metropolitan dailys also ran out of Spanish publications, Dr. said.
“I think it applies primarily to Hispanic press, just as the mainstream daily metro suffers from the meaning of digital publications,” Dr. said.
In an interview, MyCode founder and CEO Parker Morse said he aims to extend the life of Impremedia’s printing business and increase its bright spot, digital revenue. He said the deal would help companies browse sites like El Diario alongside ESPN, TMZ and CNN and reach Hispanic Americans who “live between the two worlds.”
“I think about two-thirds of Hispanic consumers are bilingual and consume both English and Spanish content,” Morse said. “So it may not be 100 percent of that demographic, but it’s a big part of it.”
Impremedia was founded in 2003 by entrepreneur John Paton, who became CEO of Digital First Media, a newspaper chain managed by hedge fund Alden Global Capital. Paton, now chairman of the London newspaper Independent, purchased El Diario and other titles with his partner to build a conglomerate of Hispanic news. In 2012, it was acquired by a subsidiary of the Argentine newspaper Lanacion.
In an interview, Impremedia CEO Iván Adaime said the company’s title is an essential resource for non-English-speaking readers and readers whose problems have been ignored by the English press. Adaime, an Argentine immigrant, said he would continue after the deal was signed.
“I am working hard on that mission,” said Adaime. “It’s a mission that was there before I was born, but it’s a mission that resonates very well with me.”