The San Diego Union-Tribune employed an investment bank to look into the possibility of selling the company. The paper is the only “significant asset” of Copley Press Inc., following the gradual sale its papers over the last two years, the Associated Press reported Thursday.

The factors causing the firm to consider selling the Union-Tribune include a weakened economy and the loss of print readers as they move to the Web, said CEO Gene Bell.

Harold Fuson, Copley's executive vice president, said ad revenue was declining as a result of the deteriorating real estate market, the AP reported in an article posted by the Press-Enterprise.

The Union-Tribune already cut its work force earlier this year by 10 percent (117 staff members) through layoffs and buyouts.

Copley sold Copley News Service to the Creators Syndicate two months ago, and nine newspapers in Ohio and Illinois were sold to GateHouse Media Inc. in March of last year for US$380 million, the AP reported.

The Daily Breeze, in Torrance, Calif., and three other regional weekly Los Angeles papers were sold to Hearst Corp. for US$25.9 million in December 2006, which in turn sold them to MediaNews Group Inc. in October as part of a $317 million deal.

"Someone will pick it up at a fire-sale price and in a few years make some money," Edward Atorino, a Benchmark Co. industry analyst, told the AP. "All you need is a billionaire to write a check."

Evercome Partners Inc, a New York-based company, will handle potential ventures.