Somebody Buys Newspaper!
Whatttttttt...a private equity firm has voluntarily purchased a newspaper—presumably in exchange for money! The San Diego Union-Tribune is now owned by a firm that vows to make it "thrive" once more. Sounds fun!
Copley put the paper up for sale last summer, and they reportedly had interest from Tribune, MediaNews, and even Ron Burkle. But that was before everything collapsed, you know, so who would have thought somebody would come and buy it after all that, now? We are simply gobsmacked. San Diego's new press barons: Platinum Equity, which "specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets." If that doesn't spell "friend to the working journalist," I don't know what does!
The Union-Tribune's advertising revenue has fallen 40% since 2006. The road to profitability will be...well, it's the journey, not the destination. The paper was sold for an "undisclosed price." We imagine the negotiations went something like this.
