New Orleans businessman John Georges completed a deal to buy The Advocate Tuesday.
On its web site the newspaper says Georges will meet with their 450 employees tomorrow.
It also says Georges has been negotiating with the Manship family to buy The Advocate for almost two years.
The announcement of the deal comes on the same day the Times-Picayune announced it will start printing a new tabloid this summer.
TPStreet will be sold on newsstands and in stores on Mondays, Tuesdays and Thursdays.
It will not be available for home delivery.
TPStreet will focus on breaking news, sports and entertainment.
Last October the Times-Picayune started printing three days a week after a round of layoffs at the paper.
The Baton Rouge based advocate started a New Orleans edition to try and fill the void.
Wednesday morning at 10 a.m. the owners of The Advocate, Governor Bobby Jindal, Baton Rouge Mayor Kip Holden and New Orleans Mayor Mitch Landrieu will hold a press conference on the Georges deal.