The sale of The San Diego Union-Tribune to a Beverly Hills-based private equity firm has been completed, it was announced Monday.
It wasn’t disclosed how much Platinum Equity would pay The Copley Press, which has owned the Union-Tribune since 1928. The sale of the newspaper was announced on March 18.
In a statement, Platinum Equity’s Louis Samson, who led the acquisition, said the Union-Tribune is at an important crossroads in terms of reinventing itself amid a declining market while preserving the role it plays as one of San Diego’s most important institutions.
“The newspaper industry is under enormous pressure to redefine itself and stem the loss of readers and advertisers,” Samson said. “The Union- Tribune is not immune from those pressures. But we are certain it can succeed with Platinum’s operational support and guidance.”
Paul Bridwell, described as a turnaround specialist who has served in senior executive positions in several Platinum Equity companies, has been appointed the Union-Tribune’s chief restructuring officer.
Pending the appointment of a permanent publisher, Bridwell will be the senior executive at the newspaper, responsible for day-to-day operations and long-term strategic planning, according to the company.
Amid declining advertisement revenues in recent years, the Union-Tribune has significantly trimmed its workforce through layoffs and buyouts.
At least one Copley property in La Jolla is on the market and the disposition of others is unclear.