Philadelphia's free daily newspaper Metro has bought City Paper, one of the city's two alt-weeklies, Metro's publisher announced Wednesday.
"I am happy to welcome City Paper, the 32-year old award-winning alternative institution of Philadelphia, to the Metro family," Metro US publisher and CEO Yggers Mortensen said of the deal.
"I am proud the Rock family has chosen Metro to continue to develop City Paper’s iconic brand. Their dedication to City Paper and the Philadelphia community will benefit us for years to come."
Metro US is comprised of three dailies, including editions in New York City and Boston.
Rumors began circulating last week that a merger of the two papers was imminent, but officials would not comment on an specific deal.
Businessman and philanthropist Milton Rock is the current owner of City Paper and chairman of MLR Holdings L.L.C., which owns Directors & Boards and Family Business magazines.
"We are pleased to have City Paper join Metro's successful group of publications and look forward to watching the paper flourish under its new ownership," Rock said.
Metro Philadelphia sales director Jennifer Clark will be associate publisher of both City Paper and Metro Philadelphia, Metro said in a press release.
Lillian Swanson, City Paper Editor-in-Chief, will report directly to Alek Korab, Metro US editor-in-chief.
"I am looking forward to capitalizing on City Paper’s rich heritage of investigative journalism and hyper-local content, and bringing that content to new highs," Korab said.
Metro said in the release that the acquisition is part of an ongoing strategy for Metro US to expand its offering across metropolitan markets.
The media company, which began in the United States 12 years ago, is an offshoot of Metro International. The global newspaper company has more than 50 editions worldwide and is based in London.