A subsidiary of Argentina's S.A La Nacion newspaper group is to take a controlling interest in impreMedia, the largest publisher of Spanish-language newspapers in the United States.
The publishing company has no plans to remodel the management structure nor affect content, impreMedia spokeswoman Mary Zerafa told Efe.
S.A. La Nacion's former corporate planning director, Francisco Seghezzo, is to join impreMedia as chief operating officer.
Monica Lozano, impreMedia's CEO, hailed the deal as a "strategic partnership."
The impreMedia group, with a number of publications targeting Hispanics, see the takeover as a way of growing the company's digital communications.
"impreMedia has a strong history of quality content that deeply engages audiences, local brands that resonate with the local communities they serve, market knowledge and an entrepreneurial approach," USHM President Eduardo Lomanto said in a statement.
The impreMedia conglomerate has several Hispanic dailies, such as La Opinion in Los Angeles and New York's El Diario/La Prensa.
After months of negotiations between the two companies, the accord announced Monday makes USHM the largest shareholder in impreMedia, though the firms did not specify the exact percentage of capital investment nor the price tag of the operation.