MEDIA : Spanish-Language Paper Folds
Lack of cash has shut down one of Los Angeles’ three Spanish-language dailies, the newspaper’s attorney said today.
“The paper was undercapitalized, and they ran out of money,” Jose Mariano Castillo said of El Diario de Los Angeles, which halted publication after Saturday’s edition.
Castillo said El Diario’s owner, Inmobiliaria America Latina Inc., hope to revive the newspaper, which was launched in May, 1987. “There is a hope that maybe in the future it will reappear,” he said. “It’s just a question of money.”
He said the newspaper had been losing approximately $80,000 a month. He said 24 people lost their jobs when the newspaper ceased publication Saturday. Another 26 had been laid off in June.
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