MercoPress. South Atlantic News Agency

Buenos Aires La Nacion in talks to acquire Hispanic media group in the US

New York’s El Diario La Prensa and Los Angeles' La Opinion, some of the newspapers included in the package

Two news sources, New York Post and New York One report that the Hispanic media group ImpreMedia is in talks with Argentine newspaper group La Nacion which is interested in the US Spanish publications.

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 and San Francisco's El Mensajero.

La Nacion, based in Buenos Aires, 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 is paying attention to the outcome of negotiations between ImpreMedia and staffers at El Diario/La Prensa, represented by the Newspaper Guild, who are expected to vote this week on whether to ratify a new union contract between ImpreMedia management and union leaders.

Meanwhile, Portada reports that Impremedia investors Clarity Partners, Halyard Capital Fund, ACON Investments and Knight Paton Media have been looking for an exit. Daniel Jinich, one of Washington, D.C.-based Acon Investments managing partners, now sits on Impremedia’s board.

Acon was an investor in DeRemate, an online auction site in Latin America that in 2006 was sold to La Nacion. It is not known whether Acon would take an active role in La Nacion’s purchase of ImpreMedia.

Clarity Partners, Halyard Capital Fund, ACON Investments and Knight Paton Media 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 dollars of its latest investment fund and is targeting a total 600 million investment. Latin American and US 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.