Manhattan Media Buys 'NY Press'

By: E&P Staff Manhattan Media said today that it has agreed to acquire The New York Press from Avalon Equity Fund L.P. for an undisclosed sum. The alternative weekly will merge with Manhattan Media's Our Town Downtown.

The New York Press founded in 1988 will join other Manhattan Media properties Our Town, The West Side Spirit, The Chelsea Clinton News, and The Westsider.

"While New York City has changed dramatically in the nearly twenty years since Russ Smith founded the Press, the need for independent voices and real community news and views hasn't," Tom Allon, president and CEO of Manhattan Media, said in a statement.

Manhattan Media also publishes AVENUE magazine.

Said Peter Polimino, president of the New York Press: "We know their genuine commitment to community media and we believe that they have a terrific opportunity to unlock our company's potential."


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