Thursday, March 19, 2009

Platinum Equity to acquire San Diego Union-Tribune

Owners of the flagging San Diego Union-Tribune, one of the largest daily newspapers in California, said Wednesday that the publication would be sold to a private equity firm for an undisclosed sum.

Platinum Equity of Beverly Hills would be the Union-Tribune's first owner since the paper was acquired in 1928 by Copley Press Inc., a family-owned chain based in La Jolla.

The sale would mark the end of the Copley family's eight-decade involvement in the newspaper business and comes at a time when buyers are scarce in an industry battered by falling circulation, revenue and profits.

Platinum specializes in buying businesses in declining markets and has completed nearly 100 acquisitions in numerous industries since being founded in 1995. The Union-Tribune would be the firm's first newspaper holding.

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