San Diego Union-Tribune sold to private equity firm

"The parent company of The San Diego Union-Tribune announced Wednesday that it has reached an agreement to sell the newspaper to the Beverly Hills private equity firm Platinum Equity for an undisclosed price.

• La Jolla-based The Copley Press Inc. had been seeking a buyer since July 2008, when it hired investment bankers to explore “strategic options” amid a nationwide decline in newspaper advertising and circulation.

Copley executive vice president Harold W. Fuson Jr. said Platinum emerged from that process as the bidder best equipped to maintain the Union-Tribune's position as one of San Diego's leading institutions."...via Poynter.org/Romenesko

Tweet Stumbleupon StumbleUpon