Entravision Communications Corporation Announces Sale of El Diario/La Prensa.
June 7, 2003
Entravision Communications Corporation EVC announced the sale of its newspaper, El Diario/La Prensa, to CPK NYC, LLC, a private investment group led by Clarity Partners LP, BMO Halyard Partners, ACON Investments and Knight Paton Media, for aggregate consideration of $19.9 million, consisting of $18 million in cash and a note in the principal amount of $1.9 million. El Diario/La Prensa, located in New York City, is the nation’s oldest major Spanish-language daily newspaper and will celebrate its 90th anniversary this year.
Walter Ulloa, Chairman and Chief Executive Officer of Entravision, commented, “The sale of El Diario/La Prensa is in line with our strategy to focus on our core operations in television, radio and outdoor advertising. We would like to thank the employees of El Diario/La Prensa for their service and dedication to the readers and the New York Hispanic community.”
“We are excited to be joining a group with a strong vision and a commitment to growing El Diario/La Prensa,” said Publisher and CEO, Rossana Rosado.
“These are very exciting times for Hispanic media,” said Clarity Partners managing general partner Stephen Rader. “The growing recognition of the power of the Hispanic community point to a very bright future for El Diario/La Prensa.”
