The Copley Press and Platinum Equity have announced that they have signed a definitive agreement under which an affiliate of Platinum will acquire San Diego’s daily newspaper, The San D
The Copley Press and Platinum Equity have announced that they have signed a definitive agreement under which an affiliate of Platinum will acquire San Diego’s daily newspaper, The San Diego Union-Tribune.
The transaction, which is expected to be completed during the second quarter, culminates a sales process that began in July 2008 when Copley announced it had engaged an adviser to explore strategic alternatives for the newspaper.
Harold W. Fuson, Jr., executive vice president for Copley, says: ‘This is a vital business with a long tradition of public service and a pre-eminent position in one of America’s finest media markets. At this important juncture, we believe that Platinum Equity is the right partner for the Union-Tribune, its employees and the San Diego community.’
Platinum is a private equity firm that specialises in acquiring businesses facing complex operational challenges in declining or transitioning markets.
Louis Samson, the Platinum Equity principal leading the acquisition, says: ‘We have a long history of creating value by helping established companies navigate difficult market transitions. The Union-Tribune is more than a business, it’s an institution in San Diego. But it faces enormous challenge in a period of tremendous upheaval for the newspaper industry. We will bring a strong operational focus that helps ensure the Union-Tribune not only survives in this market, but thrives.’
The Platinum team includes David H. Black, an experienced newspaper owner and operator whose holdings include more than 150 newspapers and websites in the United States and Canada.
Financial terms of the transaction were not disclosed. Evercore Partners and Munger, Tolles & Olson LLP advised Copley on the transaction. Platinum Equity was advised by Hughes Hubbard & Reed and Alvarez & Marsal’s Transaction Advisory Group.
