The USA’s largest Asian-language media firm has been created in a deal between Korean Times Los Angeles and LA buyout firm Leonard Green & Partners LP.
Leonard Green will invest $90 million in the newspaper firm to create AsianMedia Group, which will then purchase International Media Group for $165m. Korean Times LA publishes ten newspapers and runs a Los Angeles radio station, while IMG broadcasts in fourteen Asian languages in LA and Honolulu.
The move follows similar media consolidation in the Hispanic market, and, according to IMG president Jon Yasuda, will give advertisers a “multilanguage, multimedia vehicle to reach one of the fastest-growing consumer markets in the US”.
News source: Wall Street Journal