San Diego Union-Tribune sold to Platinum Equity
Posted by Uma Dixit on March 19, 2009 at 2:02 PM
The San Diego Union-Tribune, on the market since July, announced Wednesday it was purchased by California-based Platinum Equity, a private firm, Dow Jones reported. The purchase price was not disclosed.
Although the near term financial prognosis for the newspaper is generally not considered optimistic, Platinum Equity has a "long history of creating value," under "difficult market transitions," Louis Samson, principal of the equity firm reportedly told the newspaper.
The newspaper sector's financial woes have been exacerbated in the last few months, with the September collapse of Lehman Bros. Other victims have included the Tribune Co., The LA Times, the Baltimore Sun, the Minneapolis Star-Tribune and many other important dailies, Dow Jones reported in an article posted by CNN Money.
Although the near term financial prognosis for the newspaper is generally not considered optimistic, Platinum Equity has a "long history of creating value," under "difficult market transitions," Louis Samson, principal of the equity firm reportedly told the newspaper.
The newspaper sector's financial woes have been exacerbated in the last few months, with the September collapse of Lehman Bros. Other victims have included the Tribune Co., The LA Times, the Baltimore Sun, the Minneapolis Star-Tribune and many other important dailies, Dow Jones reported in an article posted by CNN Money.
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