San Diego Union-Tribune to be sold

The San Diego Union-Tribune will be sold to a private equity firm, according to a story on the paper's website.
The Copley Press, current owner of The Union Tribune, announced the sale on Wednesday. Platinume Equity, a private equity firm that specializes in reviving troubled companies, will make the purchase.

“There's no question that the newspaper industry is undergoing a period of tremendous upheaval, and we're not blind to that,” Platinum principal Mark Barnhill said. “But that said, we would not be making this acquisition if we were not confident about our ability to succeed in this business and in that market in particular."

According to the article, terms of the sale have not been released, and the companies have not discussed personnel changes.
While the paper still has a Thursday-Saturday circulation over 300,000 and a Sunday circulation of nearly 350,000, its advertising revenue has fallen 40 percent since 2006.

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