 "El Diario La Prensa", the oldest Spanish-language newspaper in the country, was formed in 1968, the result of a merger of "La Prensa", founded in 1913 for immigrants from Spain, and "El Diario" which started publishing in 1948 for the Puerto Rican community in New York City.Ramirez and his investment group El Diario Associates purchased the paper in 1989 from Gannett for a price just over $20 million.The paper had been unprofitable for as three years and circulation had declined from a peak of 80,000 to under 70,000.