The owner of the Honolulu Star-Bulletin is acquiring the Honolulu Advertiser.

The agreement was announced this afternoon by Oahu Publications Inc., which owns the Star-Bulletin, MidWeek and other weekly newspapers and magazines, and Gannett Co., owner of the Advertiser. Oahu Publications also will get related assets in addition to the Advertiser, including its website, non-daily publications and Gannett's interest in Hawaii.com. It does not include The Advertiser's office building at 605 Kapiolani Blvd.

“;We are pleased to be able to purchase The Advertiser, a strong and excellent newspaper,”; said David Black, chairman of Oahu Publications. “;We will endeavor to continue the tradition of good Hawaii newspaper stewardship as exemplified in modern times by Twigg Smith and Gannett.”;

The deal, subject to regulatory and other approvals, is expected to close during the second quarter. Financial terms were not disclosed.

Because the Star-Bulletin and Advertiser are daily newspaper competitors, Oahu Publications has discussed the transaction with the U.S. Justice Department and Hawaii's attorney general.

Bob Dickey, president of Gannett's U.S. Community Publishing, said, “;We have been very pleased and proud to be part of the Hawaii journalism community all these years but felt OPI's offer to buy The Advertiser and its related assets was the right course for Gannett at this time.”;

He added: “;We greatly appreciate all of the hard work and contributions our employees have made and know that they will continue to do a terrific job serving this market in the years to come.”;

Oahu Publications, established in 2001, is a private company that publishes the Star-Bulletin, MidWeek and other weekly newspapers and magazines. It also manages Internet sites and is engaged in commercial printing. Its majority shareholder is Sound Publishing Holding Inc., a subsidiary of Black Press Ltd. Local shareholders include Jeffrey and Lynn Watanabe, Duane Kurisu, Larry and Claire Johnson, Island Holdings Inc., Dan Case and CS Wo and Sons Ltd.

Gannett, based in McLean, Va., is an international company with Internet, mobile, newspaper, magazine and television operations. It publishes 83 daily U.S. newspapers, including USA TODAY, and more than 650 magazines and other non-dailies. It also operates 23 television stations in 19 U.S. markets.