Tribune Publishing is a big brand and owns renowned newspapers like the L.A. Times, Baltimore Sun and Chicago Tribune. Tribune Publishing has decided to add another star to its newspaper line. It has confirmed a deal to buy -T San Diego for a whopping $85 million.
The hold of Tribune Publishing will get tightened in Southern California after the deal is struck. According to Tribune Publishing, even after the deal, U-T would remain as a separate newspaper. The executives are now working out a plan on how to operate it after the deal.
The publisher of Times’ and chief executive Austin Beutner stated, “We’re combining two of the most enduring institutions in California. We can take the best of what each newsroom can offer, and offer it to a broader customer base”.
Beutner will take up the responsibility of being the publisher for both the newspapers and he will also serve as the Chief Executive of Tribune Publishing’s California news group. U-T also confirmed that Jeff Light, the president and editor of U-T will remain with the San Diego paper.
The key behind the acquisition of U-T is Digital. Beutner arrived in August at the Times after enjoying a great career in private equity and investment banking. The initial priority of the company was to make niche products for its readers who often make use of smartphones and tablets.
Manchester is known to inspire his employees to call him ‘Papa Doug’. He also used the newspaper as a medium to put forward his conservative views on politics. His first move saw him giving U-T a new slogan, “The World’s Greatest Country & America’s Finest City’.
Manchester will reportedly get $73 million in cash and $12 million in Tribune Publishing stock. This is going to be one of the biggest deals of the season and the experts are laying a strong eye on the subject.