Several industry observers asked by Portada as well as two news sources (New York Post and New York One) report that Impremedia is in talks with Argentinean newspaper group La Nacion, which is interested in acquiring it.
It seems that prediction Nr. 9. (“ImpreMedia will be acquired”)of Portada’s 2012 Hispanic Marketing and Media predictions may happen soon.
ImpreMedia is the publisher of New York’s El Diario La Prensa and Los Angeles La Opinion as well as several websites and weekly newspapers including Chicago’s La Raza. La Nacion, based in Buenos Aires Argentina, is Argentina’s second-largest daily newspaper and also has interests in magazines, online and printing businesses. La Nacion is a member of Miami based Grupo Diarios America.
La Nacion decision makers are paying attention to the outcome of negotiations between ImpreMedia and staffers at El Diario/La Prensa. These staffers represented by the Newspaper Guild, are expected to vote this week on whether to ratify a new union contract that is still being finalized between ImpreMedia management and union leaders.
Private Equity Backers looking for an exit
Impremedia private equity backers Clarity Partners, Halyard Capital Fund, ACON Investments and Knight Paton Media have been looking for an exit. These investors bought their stakes in ImpreMedia in 2003 and financed the company’s first acquisition (El Diario/La Prensa in 2003). Daniel Jinich, one of Washington DC’s based Acon Investments Managing Partners, sits on Impremedia’s Board. Interestingly, Acon was an investor in DeRemate, one of the leading on-line auction sites in Latin America which in 2006 was sold to La Nacion. Acon recently raised $400 million of its latest investment fund and is targeting a total $600 million investment. Latin American and U.S. Hispanic businesses are important investments targets of its new fund. It is not clear whether Acon would take an active role in La Nacion’s purchase of ImpreMedia (or the La Nacion majority owned entity that may purchase ImpreMedia).