ACON Investments and Investment Group Acquire One of the Most Respected Spanish Language Newspapers - El Diario/La Prensa

New York, July 3, 2003 -- A private investment group led by Clarity Partners LP, BMO Halyard Partners, ACON Investments and Knight Paton Media, has acquired El Diario/La Prensa from Entravision Communications Corporation for aggregate consideration of $19.9 million, consisting of $18 million in cash and a note in the principal amount of $1.9 million.

One of the most respected Spanish language newspapers in the United States and the most read Spanish language daily in New York, El Diario/La Prensa has been El Campeon de los Hispanos since 1913.
  
“We are excited to be joining a group with a strong vision and a commitment to growing El Diario/La Prensa,” said Publisher and CEO, Rossana Rosado.

“These are very exciting times for Hispanic media,” said Clarity Partners managing general partner Stephen Rader. “The growing recognition of the power of the Hispanic community point to a very bright future for El Diario/La Prensa.”

Clarity Partners is a Los Angeles based private equity firm with $800 million in committed capital focused on investments in media and communications.  Mr. Rader had previously been instrumental in acquiring and building Univision, the country’s largest Spanish language television network.

BMO Halyard Partners is the New York based private equity investment arm of BMO Financial Group.  Halyard invests in media and communications companies located in the United States, Canada and Western Europe through Halyard Capital Fund L.P., with $450 million in committed capital.

ACON Investments is a diversified private equity firm based in Washington, D.C. with over $350 million of capital under management. ACON has portfolio investments in the United States, Latin America and Europe and, among its activities, is affiliated with Texas Pacific Group, one of the leading private equity groups in the world with over $5.7 billion of capital under management.

Knight Paton Media Corporation is a Toronto based newspaper investment consulting practice focused on advising private equity firms.

Contact:
Daniel Jinich, ACON Investments, 202-454-1108
Rossana Rosado, El Diario, 212-807-4680