Tribune sells Hoy New York
Tribune Publishing, part of the troubled Tribune Co. media empire, has sold Hoy New York, the Spanish-language daily newspaper.
The sale, to Spanish-language newspaper owner ImpreMedia LLC, will let the Chicago-based Tribune focus on its Hoy editions for the Los Angeles and Chicago markets. The deal is expected to close this quarter.
"Although Hoy New York made good progress over the last year, we did not see a path to profitability in this market," Scott C. Smith, president of Tribune Publishing, said in a statement yesterday.
The sale is reflective of the asset realignment and sales within the Tribune family as well as the larger turmoil in the newspaper business because of the Internet's growing appeal to readers and advertisers.
Tribune will continue to publish its Spanish-language newspapers in Orlando and South Florida.
As part of the new strategy, the Los Angeles and Chicago editions of Hoy will be more closely aligned with the Los Angeles Times and the Chicago Tribune, both Tribune newspapers.