Updated at: 09/09/2013 1:05 PM
(AP) NEW YORK - Politico said Monday that it reached a deal to buy online news site Capital New York, boosting its coverage of New York politics.
Financial terms were not disclosed.
Politico owner Robert Allbritton said in a letter to his staff that he plans to make a "substantial" investment in Capital New York, which marks Politico’s biggest expansion since its inception in 2007.
Allbritton said he wants to expand the Politico model of a non-partisan, news-driven website to other markets, with New York being the first.
"The publication will focus laser-like on New York and its power centers, including the media, city and state politics, culture and business," Allbritton said in his letter. "It will target a sophisticated insider audience of New York’s most powerful."
Capital New York’s co-founders and co-editors, Josh Benson and Tom McGeveran, will remain as co-editors and run the website’s day-to-day operations.
Jim VandeHei, one of Politico’s founders and its current head of strategic direction, will serve as president. He will remain based in Washington, while Politico’s Katherine Lehr will move to New York and serve as vice president of operations, Allbritton said.
Benson and McGeveran wrote in a letter to readers that Politico’s investment will give Capital New York the needed financial stability, while allowing them to add staff and boost the site’s focus on politics and the media.
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