New Orleans businessman John Georges has signed a letter of intent to buy The Advocate newspaper.

The deal is expected to close by June 1, according to The Advocate.

Terms were not disclosed. David Manship, publisher of The Advocate and Richard Manship, president and chief executive officer of Capital City Press, announced the agreement in a news release but would not comment further.

"We are extremely happy about the prospect of selling our family newspaper to a Louisiana businessman with strong ties to Louisiana," David Manship said.

Georges also declined to comment, citing a confidentiality agreement, according to The Advocate.